GULF Energy Development Public Company Limited (GULF) has announced a merger plan with Intouch Holdings Public Company Limited (INTUCH), forming a new company with a share allocation ratio of 1 existing GULF share to 1.02974 shares in the new company and 1 INTUCH share to 1.69335 shares in the new company.
Both companies cite reasons for the merger to streamline shareholding structures and reduce redundancy in registered securities markets. As a result of the merger, the new company becomes the major shareholder of companies under the INTUCH group, such as Advanced Info Service Public Company Limited (ADVANC) and Thaicom Public Company Limited (THCOM). The new company will make a tender offer to acquire all shares of ADVANC and THCOM from existing shareholders.
GULF and INTUCH state in the report that the tender offer for ADVANC and THCOM shares is not aimed at changing management control structures in the two companies but is a regulatory requirement resulting from the merger.
TLDR: GULF and INTUCH announce a merger, forming a new company that will become the major shareholder of ADVANC and THCOM, with a tender offer to acquire all shares from existing shareholders.
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