Lopez-led First Philippine Holdings Corp. (FPH) on Monday said it rejected the offer of Kohlberg Kravis Roberts and Co. L.P. (KKR) to acquire a portion of FPH’s shareholding in First Gen Corp.
KKR earlier has offered to purchase 8.43 percent of FPH’s common shares in First Gen Corp. (FGen) and launch voluntary tender offer for FGen’s public float, both at P35 per share. FPH is the parent company of First Gen.
‘After careful deliberation and consideration, FPH has determined that KKR’s proposal does not represent FGen’s true value,’ FPH said in its disclosure.
KKR proposed to acquire an additional 20 percent stake in First Gen by initially acquiring an additional 8.43 percent from parent firm FPH at P35 per share for a total amount of P10.6 billion. KKR intends to launch a tender offer for 11.67 percent of First Gen’s outstanding shares at the same price at P35 apiece to support a potential voluntary delisting from the Philippine Stock Exchange.
First Gen’s shares closed Monday at P27.20, while FPH shares closed at P102 apiece.
The Lopez Group’s clean and renewable energy provider said last week that its attributable recurring net income was nearly flat at P8.7 billion in the first half compared with the previous year’s P8.6 billion.
The company’s revenues jumped 73 percent to P41.1 billion in January to June from P23.7 billion in 2025. FGen said this was due to the higher prices of electricity sold by its power plants during the period.
Eugenio ‘Gabby’ L. Lopez III last week said Crème Investment Corp., the holding company through which his branch of the family owns a 25.7 percent stake in Lopez Inc., has completed the sale of all of its stake to businessman Ramon S. Ang.
The deal ended months of bickering with family allied with Gabby and those with their cousin Federico ‘Piki’ R. Lopez, FPH chairman and CEO.
Ang, chairman and CEO of San Miguel Corp., invested in his personal capacity through his wholly owned holding company, Illumina Investment Holdings Inc.