“CPN” Confirms Tender at ฿3.10 to Takeover and Possibly Delisting “GLAND” Afterward!
CPN will authorize CPN Pattaya to make a tender offer at ฿3.10/share to take over “GLAND”
13 ก.ย. 2561

The Board meeting of Central Pattana Public Company Limited (CPN) has authorized CPN Pattaya Co., Ltd. (CPN Pattaya), a [wholly-owned] subsidiary of CPN, to make a tender offer for all securities in Grand Canal Land Public Company Limited (GLAND).
It has been resolved that the acquisition of an aggregate of 3,278,132,406 shares, or equal to 50.43% of the total issued and outstanding shares of GLAND by CPN Pattaya at the purchase price of ฿3.10/share, in a total amount of ฿10,162,210,458.60 be approved.
 
After the completion of the Transaction, CPN Pattaya will be obligated to make a tender offer for the remaining shares in GLAND held by all other shareholders in the number of 3,221,697,225 shares in GLAND (equal to 49.57% of total issued and outstanding shares of GLAND), pursuant to the principles and methodology stipulated in the tender offer.
CPN believes that this transaction will strengthen the financial capacity and expand the cash flow base of CPN, thereby boosting sustainable returns for the benefit of shareholders for a long-term period. While GLAND’s experience and expertise will reinforce CPN’s competitiveness and support its investment in larger-scale projects, which will significantly enhance the growth rate and operating results.
After the tender offer, CPN is under the study which has not reached a conclusion on delisting of GLAND from being a listed company in the Stock Exchange of Thailand (SET).
 
In the afternoon session at 14:45 after the announcement of tender offer has been released by SET, CPN climbs to ฿81.50/share, up ฿1 or 1.24%, while GLAND hikes ฿0.08 or 2.68% at ฿3.06/share. CPN and GLAND’s shares have a potential to keep climbing higher in this afternoon session.
 