Themis Group sets Ferronoux tender offer price at P2.22 per share

HOLDING COMPANY THEMIS Group Corp. has priced its mandatory tender offer for publicly held shares of listed shell company Ferronoux Holdings, Inc. at P2.22 per share, with the total offer amounting to P284.81 million as part of its backdoor listing plan.

The tender offer will run from March 19 to April 21, Ferronoux said in a stock exchange disclosure on Thursday.

Apart from the tender offer, Ferronoux previously disclosed that it would conduct a follow-on offering within one year of completing its P4.31-billion property-for-share swap with Eagle 1 Landholdings, Inc., in compliance with the Philippine Stock Exchange’s (PSE) rules on backdoor listings.

In December last year, Ferronoux’s board approved a property-for-share swap with Eagle 1 and the issuance of 240 million shares to Themis Group, resulting in a change in control and facilitating a backdoor listing.

The property-for-share swap involves issuing up to 918 million common shares at P4.70 each to Eagle 1 in exchange for approximately 9.4 hectares of land adjacent to the Okada Manila integrated casino resort in Parañaque City.

Themis Group will also subscribe to 240 million Ferronoux shares at a par value of P1 each.

Ferronoux’s board also previously approved an increase in its capital stock to P2.5 billion from P550 million to accommodate the transaction.

On Thursday, Ferronoux shares rose by 2.86% or 20 centavos to P7.20 apiece. — Revin Mikhael D. Ochave