Deal to purchase Day Poets 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 of directors 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.
