CIC Energy shares hit records on P2.8 bn takeover deal

Ahead of Tuesday's announcement of the deal, CIC Energy's counter had climbed more than 70 percent in the past fortnight, reaching a 12-month high of P33.29 per share on November 19. Since then, the stock has declined to hover around P33, a stretch from the P19 it traded at throughout September, October and part of November.

By yesterday, CIC Energy was trading at P33.08 with no volumes trading hands, as investors held onto their shares or demanded higher prices in light of the 7.42 Canadian Dollar per share offer proposed by JSW Energy.