On July 31, 2012, Tanduay Holdings, Inc. (TDY) disclosed the following: 
Lucio Tan (LT) wishes to consolidate his assets to TDY by having TDY acquire/invest in the companies above.
In order to determine the value of TDY after the consolidation of the mentioned companies, we may approach the valuation in two ways: accretion in earnings per share or book value accretion.
The consolidation of LT group’s assets in TDY shares will actually diminish TDY’s earnings but it can increase TDY’s assets to 18.75 per share.
According to a disclosure in the PSE, some of PNB’s assets require regulatory approvals which may delay TDY’s investment in the bank. 
TDY application for increase of authorized capital stock from 5 billion shares to 25 billion shares is approved by the SEC. Although the increase does not mean that all the 25 billion will be issued, it still suggests a possible dilution thus in effect may distort our computations above. 
Computation of 32%:
- Change in corporate name to LT Group, Inc.; investment in companies; Special Stockholders’ Meeting on September 18, 2012; resignation/election of directors; Lifting of trading suspension, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-5685_TDY.pdf
- Filing of application with SEC for amendments to Articles of Incorporation and By-Laws; Update on investments in companies under the Lucio Tan group, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-6959_TDY.pdf
- SEC approval of increase in authorized capital stock, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-7346_TDY.pdf
Disclaimer: I do not claim to be an expert and nothing I say should be taken as a recommendation to buy or sell.