According to abs-cbnnews.com Hong Kong's First Pacific Co. Ltd. acquired on thursday a 9.2% stake in Philex Mining Corp. for P9.5 billion, possibly triggering a mandatory tender offer.
"The deal was valued at P21 a share, or a 7.7% premium over Philex's closing price on Wednesday."
First Pacific said that it bought the 9.2% from Filipino businessman Roberto Ongpin and others.
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