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April 23, 2009

Kirin Holdings Completes Tender Offer for San Miguel Brewery Shares

Tokyo, April 23, 2009— Kirin Holdings Company, Limited (Tokyo, Japan; President and CEO, Kazuyasu Kato; hereafter, "Kirin") had launched a tender offer for shares of San Miguel Brewery Inc. (Manila, Philippines; Chairman, Ramon S. Ang; hereafter, "SMB") on March 16, 2009, and completed the tender offer period on April 17, 2009. Kirin reported today to the Philippine Stock Exchange the following results of the tender offer.

1. Summary of the Tender Offer for SMB Shares

(1) Tender Offer Period: March 16, 2009 to April 17, 2009
(2) Number of Shares Intended to Acquire: 886,111,000 shares (5.75% of the issued and outstanding shares*1)
(3) Purchase Price: Php8.841 per share (approx. ¥18*2)
Total acquisition price for the tendered shares is approximately Php7.83 billion (approx. ¥15.7 billion*2)
(4) Note: Kirin sought to acquire all tendered shares that are not owned by SMB's parent company San Miguel Corporation (hereafter, "SMC"). Kirin is currently preparing to acquire 43.249% of the issued and outstanding SMB shares*1 owned by SMC through a private transaction (targeting for final closing by the end of May 2009).

2. Results of the Tender Offer

(1) Tendered Shares: 778,847,590 shares
(2) Number of Shares Acquired: 778,847,590 shares
(3) Percent Owned After Acquisition: 5.05%*1
(4) Total Acquisition Price for the Tendered Shares: Php6.89 billion (approx. ¥13.8 billion)
(5) Settlement Procedure and Settlement Date:
  • Settlement Procedure
    On settlement date, the Tender Offer Agent shall make the check for the total tender offer price either to (i) each selling broker which delivered the scripless shares of its tendering clients or, (ii) the tendering shareholders who have delivered certificated shares directly to the Tender Offer Agent. Checks shall be available for pick-up at the Tender Offer Agent's office beginning settlement date up to 30 days thereafter. Thereafter, checks shall be mailed or delivered to the shareholders, at their own risk, to their registered address indicated in the application.
  • Settlement Date
    Start on April 30, 2009.
  • *1 Based on the number of shares as of December 31, 2008
  • *2 Php1.00 = ¥2.0 (as of April 22, 2009)

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© 2007 Kirin Holdings Company, Limited.

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