Day Poets deal on shaky ground
SURAPHONG Triamchanchai – a major shareholder of Tanavarin Co, which owns a majority stake in Day Poets – says he may cancel the deal to sell print and media advertising company Day Poets to Polaris Capital (Polar).
The announcement came after Wongtanong Chainarongsingh tweeted a week ago that he and Nitipat Suksuai, who co-founded Day Poets, would resign from the firm, citing their opposition to Polar’s proposed acquisition.
Polar, a publicly-listed property developer, reported to the Stock Exchange of Thailand on December 27 that its board had approved to pay Bt309.7 million for a 70 per cent stake in Day Poets from Tanavarin and Thai Food Logistics.
The proposed purchase price is higher than the book value and the adjusted book value of the firm which S 41 Advisory, Polar’s adviser for the deal, appraised at Bt70.33 million and Bt223.42 million, respectively.
Suraphong told reporters yesterday he may review Day Poets’ plan to expand more as an online media business and thus he saw no need to raise funds and sell its shares.
Tanavarin has a 57.14 per cent stake in Day Poets.
“If Wongtanong departs, we may review to keep doing it [the business] small,”
“We may not take [the deal] because today we no longer need money to expand,” he said.
Suraphong said he would decide by next month whether he would cancel the deal to sell Day Poets to Polar. He said Day Poets could continue without Wongtanong, but he would be glad if Wongtanong stayed to help grow the firm or depart to grow his own business.
“Germination is natural,” he said. Day Poets owns well-known books and magazines such as a “Day Bulletin” and organises activities such as the BikeFEST Festival.
