JFC’s market value has fallen 54 percent from its 2019 peak, foreign ownership restrictions have disappeared, and its founder’s 43.88 percent stake offers a potential route to control. But Hyper Dynamic’s steady buying suggests Tony Tan Caktiong sees an undervalued company, not one for sale. The unsolicited $5bn approach for the Lopez family’s Energy Development Corporation has delivered a reminder to Philippine investors: a depressed domestic valuation does not necessarily reflect what a strategic foreign buyer might pay for an irreplaceable asset. Indonesia’s Barito Renewables Energy has submitted an indicative, non-binding offer valuing EDC’s equity at approximately $5bn. Including debt, the transaction could value the geothermal producer at as much as $7bn, potentially making it one of the largest renewable-energy acquisitions in Asia and one of the biggest takeovers in Philippine history. First Gen, the Lopez-controlled parent, has cautioned that there have been n...