On August 17, KKR & Co LP fell 3.07% in regular trading, trading at $110.5/share with turnover of approximately $61.78 million, retracing gains from a nearly 10% rally over the prior two consecutive sessions.

On the news front, First Philippine Holdings Corporation formally rejected KKR's non-binding proposal to acquire approximately 8.43% of its shareholding in First Gen Corporation at 35 Philippine pesos per share. First Philippine stated in its filing to the Philippine Stock Exchange that after careful deliberation, the proposal does not adequately reflect the fair value of the assets. KKR had intended to use this acquisition as a stepping stone to gain full control of the power-generation enterprise and subsequently launch a voluntary tender offer for public shares to pursue delisting.

The rejection represents a setback for KKR's expansion strategy in Southeast Asian energy markets. Sector-wide, the Asset Management & Custody Banks industry faced broad selling pressure, with Blue Owl Capital declining 2.74%, Blackstone Group falling 2.06%, and BlackRock down 1.08%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)