BJC price falls after announcing Big C deal
Berli Jucker (BJC) share price has dropped 4.29 per cent after the announcement that it was the true buyer of Big C Supercenter
At 3pm, BJC lost Bt1.50 to Bt33.50.
The company informed the Stock Exchange of Thailand in the afternoon that the board of directors approved the takeover, a week after its major shareholder, TCC Group, signed the acquisition deal with Big C's majority shareholder.
The board called for an extraordinary shareholder meeting on March 21.
Under the deal signed between France's Casino Group and TCC Group, TCC is committed to complete the acquisition of Big C's 59 per cent stake, valued at 3.1 billion euros, by the end of the month. It would need to pay Casino US$600 million if the deal does not go through.
In the filing to the exchange, BJC said that the value of the deal, approximately Bt122 billion in Thai baht, was 472.15 per cent of its assets.
On March 21, it will seek the shareholders' approval for the 12-month bridge loan worth as much as Bt220 billion.
Maybank Kim Eng Securities (Thailand) and JayDee Partner will be appointed as independent financial advisors to advise shareholders on the deal.
Thai tycoon Charoen Sirividhanabhakdi controls TCC Group which in turn holds a 60 per cent stake in BJC.
Aswin Techajareonvikul, the incumbent president and chief executive officer of BJC, is Charoen's son-in-law.
