Can Equitable PCI be sold for a premium?

Bankers are set to descend on Manila today to pitch the board of Equitable PCI for the advisory role on its sale. The bank has said that ideally it wants to sell a stake of between 20%-35% to a foreign strategic shareholder. However, thanks to the new Philippines takeover code, anyone who wants to buy more than 15% of the bank will have to make a general offer to all shareholders.