First Philippine Holdings Corp. (FPH) has rejected Kohlberg Kravis Roberts & Co. L.P.’s (KKR) bid to acquire part of its stake in First Gen Corp. (FGEN), saying the P35-per-share proposal fails to reflect the power producer’s true value.

“After careful deliberation and consideration, FPH has determined that KKR’s proposal does not represent FGEN’s true value,” FPH said in a stock exchange disclosure Monday.

The decision blocks KKR’s proposed acquisition of an 8.43-percent stake in FGEN from FPH, which would have increased the private equity firm’s existing 19.9-percent interest in the company.

KKR had also proposed launching a voluntary tender offer for FGEN’s entire 11.67-percent public float at P35 per share.

FPH said it had formally advised KKR that it “has decided not to pursue KKR’s non-binding proposal to acquire a portion of FPH’s shareholding in FGEN and launch a voluntary tender offer for FGEN’s public float at P35.00 per share.”

To date, FGEN has about 1.76 gigawatts of capacity from 31 wind, solar, hydro, and geothermal facilities.

The company also provides energy solutions to businesses, including on-site solar photovoltaic systems, remote energy monitoring, and energy audits, to help them manage and optimize power consumption.