During the First Philippine Holdings Corporation (First Holdings) board meeting on November 5, 2009, the offers of TriRatna Holdings Corporation (TriRatna) and the counter offer of Metro Pacific Investments Corporation (MPIC) for the company’s shares in Manila Electric Company (MERALCO) were taken up. MPIC exercised its right of first refusal and matched the TriRatna offer for a Meralco valuation of PhP300/share.

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