SEC affirms the rectification of EIC tender offer

business January 30, 2014 00:00

By The Nation

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The Securities and Exchange Commission affirmed the instruction for Bee Taechaubol to promptly rectify the tender offer for Electronics Industry Plc. (EIC)'s shares as specified by the tender offer rules. Bee was earlier found purchasing EIC shares thro

Following the SEC's instruction for Bee to provide clarification with prompt rectification on the tender offer price for EIC's shares as specified by the tender offer rules, Bee on January 27, 2014 sent the SEC a letter explaining his purchase of EIC shares to the Sub-Committee on Business Takeovers .
The fact that Bee sold all 1,017,500 EIC shares at the acquired price on the same trading day was not new and was taken into the Sub-Committee's consideration.  The Sub-Committee's opinion therefore remains unchanged. In addition, the fact that Bee filed 
a cancellation notice to his broker, Globlex Securities Co., Ltd., in order to void the purchase transactions has no effect on the Sub-Committee's opinion as well because 
the purchases of EIC shares had already been made.
Despite the selling of entire amount of EIC shares acquired through the SET, Bee's purchases of EIC shares at the price higher than the tender offer price causing the inconsistent tender offer price or form for all shareholders was deemed a violation of the tender offer rules promulgated under Section 247 of the Securities and Exchange Act B.E. 2535 (1992).  The SEC therefore instructed Bee to make prompt rectification accordingly as well as disclose such information to EIC for further dissemination through the SET information system.