First Pacific Raises $990 Million to Acquire 36.6% of MPIC

First Pacific raised its offer price for a 36.6% stake in Philippine infrastructure firm Metro Pacific Investments Corp (MPIC) to 54.8 billion Philippine pesos ($990.69 million) on Tuesday. The Hong Kong-listed investment holding company increased its offer from 4.63 pesos per share announced in late April to 5.20 pesos per share.

The latest offer price is 22.1 percent higher than Metro Pacific's last close on April 26, before the offer was made public. A consortium led by Mit-Pacific Infrastructure Holdings Corporation, a joint venture between Mitsui & Co and JOIN, a Japanese government-private sponsored infrastructure investment fund company, will acquire shares from minority public shareholders.

The deal further hinges on the delisting of MPIC's common shares from the Philippines Stock Exchange.

In a separate release, Metro Pacific said it would submit an application to delist from with Philippines Stock Exchange.