Lotte Chilsung Beverage Co.,Ltd. (KOSE:A005300) made an offer to acquire an additional 2.11% stake in Pepsi-Cola Products Philippines, Inc. (PSE:PIP) for approximately PHP 150 million on September 15, 2020. Under the terms of the offer, Lotte Chilsung will acquire 77.9 shares in Pepsi-Cola for PHP 1.95 per share. The transaction will be financed from cash on hand and credit facility provided by KEB Hana Bank.

Upon completion, Pepsi-Cola will be delisted in the Philippine Stock Exchange. The tender offer will commence from September 16, 2020 until October 13, 2020. On October 9, 2020, the tender offer was suspended for two days and will commence on October 12, 2020 due to a possible change in the transfer procedure.

As of October 14, 2020, the tender offer will expire on November 10, 2020. The settlement is expected to take place on November 20, 2020. As of November 19, 2020, the settlement is expected to take place on November 24, 2020.

Unicapital, Inc acted as financial advisor and fairness opinion provider to Lotte Chilsung in the transaction. First Metro Securities Brokerage Corporation acted as the tender offer agent. Stock Transfer Service Incorporated acted as stock transfer agent and paying agent for Pepsi-Cola Products Philippines.

Unicapital, Inc. will receive an advisory fee of PHP 1.32 million (PHP 0.5 million will be paid upon signing of the proposal and PHP 0.7 million will be paid upon submission of final report).