Alaska Milk,a leading dairy company in the Philippines,has filed a petition seeking voluntary delisting from the Philippine Stock Exchange.
This move comes as the Dutch dairy cooperative Royal FrieslandCampina filed a tender offer notice to purchase the remaining minority stake in Alaska.
FrieslandCampina Philippines is planning to purchase the remaining 14.94 million common shares of Alaska.These will be acquired at PHP24($0.56)a share,for a total of worth PHP358m($8.49m).
After completing the tender offer,FrieslandCampina Philippines expects Alaska Milk to be delisted from PSE's official registry by 5 November 2012.
In March 2012,Royal FrieslandCampina completed the acquisition of a controlling stake in Alaska Milk,from the Uytengsu Family,for€227m.The company increased its stake from 8.1%to 68.9%,as part of its strategy to strengthen its presence in Asia.
Alaska Milk,which produces canned milk,powdered milk,and ready-to-drink milk,has annual revenues of€200m with a production facility in San Pedro,Laguna.
