THAI PRESIDENT FOODS Bid for bakery stake hits obstacle  

Corporate August 17, 2018 01:00

By The Nation

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Thai President Foods Plc’s board of director has approved a budget of Bt9 billion for the tender offer of 33 per cent stake in President Bakery Plc, the bakery producer the Farmhouse, at the price of Bt61.16 per share, according to the company reported to the Stock Exchange of Thailand yesterday.



Currently, Thai President Foods Plc holds a 46.9 per cent stake in President Bakery Plc. The company is required to offer to purchase from other President Bakery’s shareholders in light of the proposed tender offer shall amount to not exceeding 238,937,200 shares (or equivalent to 53.10 per cent of the total issued and outstanding shares of President Bakery Plc). 

However, the company has received a letter of intent from Saha Pathana Inter-Holding Plc (SPI), one of President Bakery Plc’s major shareholders, informing the company that it does not wish to, and agrees not to, sell 90,450,000 shares in President Bakery held by it during the tender offer and that there shall be no sale, purchase or transfer of ownership of such shares during the tender Offer period.