Berli Jucker Public Company Limited made a tender offer to acquire remaining 6.91% stake in White Group Public Company Limited (SET:WG) from a group of shareholders for approximately THB 230 million.
The transaction is subject to approval by the shareholders of White Group, relevant regulatory agencies, including the SET, the financial institutions, and other contractual parties under the relevant agreement. The shareholders' meeting of White Group need to resolve to approve the delisting of White Group securities from the SET with affirmative votes of not less than three-fourths of the total number of issued and paid-up shares of the White Group and without dissenting votes of more than 10% of the total number of issued and paid-up shares of White Group in accordance with the SET's rules on delisting. The transaction was approved by the Board of White Group. However, the final decision depends on the shareholders' individual judgment. As on July 31, 2020, the deal was approved by the shareholders of White Group. As on September 18, 2020, the board of White Group unanimously recommended its shareholders to accept the offer. Berli Jucker will make the delisting tender offer after the conditions to the deal have been completely satisfied. White Group expects that Berli Jucker will make tender offer for delisting White Group's securities from being listed securities on the SET within September 2020 November 2020 subject to the satisfaction of the condition for the deal. As of August 27, 2020, tender period commenced for the period of 45 business days, from August 28, 2020 to November 4, 2020.
Advisory Plus Company Limited was appointed to act as financial advisor for White Group on June 19, 2020. Phatra Securities Public Company Limited acted as financial advisor for Berli Jucker. Weerawong, Chinnavat & Peangpanor Ltd. acted as legal advisor to Berli Jucker Public Company Limited. Advisory Plus Company Limited is of the opinion that the shareholders should approve the delisting of White Group's securities from the SET.