Everybody happy! Eagle Cement soars 20% as RSA rewards minority shareholders with lofty buyout from San Miguel

Ramon Ang

The cement company of Ramon S. Ang flew like an eagle a day after San Miguel Corp. announced a buyout offer with the ultra bilyonaryo.

Eagle Cement was the day’s biggest gainer as it zoomed 20.5 percent to an all-time high of P18.56 on P138.77 million in total trades

SMC disclosed hours after the close of trading on October 4 that it has offered to buy 88.5 percent of EAGLE from Ang, his children and Far East Holdings Inc.

SMC offered to buy EAGLE’s shares at P22.02 per share which is 58 percent more than its closing price on October 4 and a 58 percent premium to 90-day volume-weighted average price. The offer price is estimated at 18.2 times its first earnings in 2022 which is slightly lower than the 19.1 P/E of other cement companies in the region.

Abacus gushed about how Ang took care of the EAGLE shareholders, especially those who invested in its initial public offering (IPO) sold at P15 per share five years ago.

“We’re not calling out any particular company but this is how you do a buyout and/or tender offer. Even though it will benefit RSA personally as as he owns the vast majority of the shares, at least the minority will profit along with him,” Abacus said.

https://bilyonaryo.com/2022/10/05/everybody-happy-eagle-cement-soars-20-as-rsa-rewards-minority-shareholders-with-lofty-buyout-from-san-miguel/business/