San Miguel Equity Investments Inc made an offer to acquire 11.5% of stake in Eagle Cement Corporation (PSE:EAGLE) for PHP 12.7 billion on October 12, 2022. Under terms of transaction, San Miguel Equity Investments will acquire approximately 575 million at PHP 22.02 per share. SMEII intends to proceed to voluntarily delist Eagle Cement from the Main Board of the PSE after the completion of the Tender Offer (“Voluntary Delisting”). At a special meeting held on October 7, 2022, the Board of Directors of Eagle Cement has approved the Voluntary Delisting subject to: (1) the closing of the Transaction and the Tender Offer; (2) the acquisition by SMEII of more than 90% of the total outstanding shares of the capital stock of Eagle Cement; and (3) the approval of the shareholders of Eagle Cement, which conditions have been fulfilled. The transaction is subject to Philippine Competition Commission. As on November 29, 2022, the transaction is approved by shareholders of Eagle Cement Corporation (PSE:EAGLE). The tender offer will start on November 7, 2022 and will end on December 5, 2022.

San Miguel Equity Investments Inc completed the acquisition of 11.4% of stake in Eagle Cement Corporation (PSE:EAGLE) on December 5, 2022. The Corporation was advised that a total of 572,780,677 common shares of the total issued and outstanding common shares were tendered and accepted by the Bidder. The accepted tender offer shares (“Tendered Shares”) were crossed through the PSE on the cross date or on December 14, 2022, upon approval of the PSE of a special block sale of the Tendered Shares. The Tendered Shares were purchased by the Bidder at the Tender Offer Price. The sale and purchase of the Tendered Shares were settled also on the cross date or on December 14, 2022. With the completion of the tender offer, the Bidder now owns a total of 4,997,903,678 common shares representing 99.9581% of the total issued and outstanding common shares of the Corporation.