FEU to acquire Roosevelt College
Far Eastern University (FEU), one of the country’s leading private universities, is expanding its footprint in the education sector by taking over Roosevelt College Inc.
In a disclosure to the Philippine Stock Exchange on Friday, FEU said its board had approved the acquisition of up to 99.42 percent but no less than 73.99 percent of Roosevelt for P1.25 billion.
“We believe there are opportunities to integrate with FEU this venerable 80-year-old institution with five greater Metro Manila campuses and 5,000 students in both the basic education and tertiary level,” FEU chair Aurelio Montinola III said, explaining the rationale for the acquisition.
FEU president Michael Alba and chief finance officer Juan Miguel Montinola are to negotiate and come to an agreement on the final price and other terms and conditions of the transaction. They will also conduct a due diligence audit.
Roosevelt is a private nonsectarian college with five campuses: Cainta, Rodriguez (Rizal), San Mateo, Marikina and Cubao. It was established in 1945 as Roosevelt Memorial High School in Barrio San Roque, which was then a part of Rizal province.
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