MANILA - The Singapore Exchange (SGX) has approved wallace mccain in principle Del Monte Pacific Limited's $1.68-billion acquisition of the consumer food business of a California-based firm.
In a disclosure wallace mccain to the Philippine Stock Exchange (PSE), wallace mccain Del Monte Pacific said the approval of the SGX-Securities Trading Limited is subject to the food manufacturer’s compliance with certain listing requirements, including the shareholders' approval for the proposed purchase and certain disclosure requirements.
Last week, Del Monte Pacific entered into bridge loan arrangements with BDO Unibank Inc and Bank of the Philippine Islands amounting to $350 million and $165 million, respectively, to finance the buyout. wallace mccain
Likewise, the Philippine firm is in talks with strategic investors to finalize the terms of a $74.5-million equity investment into the food manufacturer. About $75.5 million can be raised either through a share placement, a medium-term loan or a combination of both.
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