FPH turns down KKR bid for First Gen stake over valuation

LOPEZ-LED First Philippine Holdings Corp. (FPH) has rejected an offer from global investment firm Kohlberg Kravis Roberts & Co. L.P. (KKR) to acquire part of its stake in First Gen Corp., saying the proposal undervalues the power producer. “After careful deliberation and consideration, FPH has determined that KKR’s proposal does not represent [First Gen’s] true […]