ThaiBev appoints four Serm Suk directors, files tender offer
Thai Beverage has officially exercised its newly won control over Serm Suk with the appointment of four directors, including Thapana Sirivadhanabhakdi, as well as the filing of a tender offer for the company's shares.
Aside from Thapana, who is president and chief executive officer of ThaiBev, appointed to the Serm Suk board yesterday to replace the four directors representing PepsiCo Group are Sitthichai Chaikriangkrai, Karn Chitaravimol and Chotipat Peechanon.
The four new directors replace Ronald Stuart McEachern, Stefano Sartoretti, Manu Anand and Tanmaya Vats.
The appointment follows PepsiCo Group's agreement to withdraw from |the fight with SS National Logistics for control over Serm Suk.
Under the agreement, SS National Logistics has to buy out the 110 million shares of Serm Suk held by PepsiCo Group at Bt58 apiece and tender for all remaining shares.
However, despite insisting it has no relationship with ThaiBev, SS National Logistics has passed on its rights to the tender offer to the beverage giant.
Thai Beverage Logistics, a wholly owned subsidiary of ThaiBev, yesterday filed the tender offer for all 265.9 million shares at Bt58 apiece, or a total of Bt15.42 billion.
Excluding the brokerage fee and value-added tax, sellers will receive Bt57.84 net per share. Serm Suk's share price yesterday closed 0.44 per cent higher at Bt57.50.
The tender offer will run for 25 business days, from today through October 19. Bualuang Securities is acting on behalf of Thai Beverage Logistics.
Thai Beverage Logistics has forged a credit facility with Sumitomo Mitsui Banking Corp's Bangkok branch to finance the deal.
Meanwhile, Bangkok Bank vice chairman Decha Tulanan said yesterday that the bank was ready to participate in loan syndication for the deal. He added that the amount was huge and syndication was, therefore, likely.
"We have no problem in providing a loan because ThaiBev has potential cash flow and is one of our quality clients," he said.
