CP All prepares Bt188bn for Siam Makro's takeover
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CP All Plc's board of directors on Monday approved the takeover of Siam Makro Plc's shares, worth approximately Bt121.5 billion or US$4.25 billion.
The price shows a 15.4 per cent premium from Makro's share price of Bt682 yesterday. At 682, Makro share price has risen by 53 per cent from the end of last year.
In a statement to the Stock Exchange of Thailand, CP All said that it would buy 154 million shares in Makro, Siam Makro Holding (Thailand) Ltd and OHT Co Ltd from SHV Nederland B.V. (SHV) at the price of Bt787 apiece.
The shares represent a 64.35 per cent of total issued shares.
CP All will then launch a tender offer for the remaining 85.57 million shares. At the same price, this will cost the company another Bt67 billion or $2.35 billion.
The company's board also approved loans from financial institutions, which must not exceed the total value of the acquisition.
The transaction is subjected to shareholders' approval. The extraordinary shareholder meeting is scheduled for June 12.
CP All will hold a press conference today at 2pm.
