MANILA, Philippines – Ayala Land Inc. (ALI) scored a victory on Tuesday after submitting an aggressive winning bid for the 74-hectare Food Terminal Inc. (FTI) property but some analysts are questioning both the "high" acquisition cost and its implications for pending investments such as the offer to buy into the Ortigas family’s holding firm.
ALI offered P24.33 billion for FTI, beating out two other bidders, Robinsons Land Corp. and Empire East Land Holdings, which offered P14.66 billion and P11.25 billion, respectively. ALI’s offer is more than double the P10.2 billion floor price the government set for FTI, which has gone through several failed bids in the past.
"If the bid discrepancy is too far, it might be a mistake for ALI. Right now, it comes out too overpriced but it depends on their master plan," Joseph Roxas, president of stock brokerage firm Eagle Equities Inc., said in a phone interview.
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