(Reuters) – The boards of Thailand-based mobile carriers Advanced Info Service and Thaicom have asked shareholders to reject offers from controlling entities to acquire both the firms.
In July 2024, power producer Gulf Energy Development, the largest shareholder of Thaicom, and Intouch Holdings, which controls Advanced Info, announced their intent to merge.
A merger of Gulf and Intouch, already approved by shareholders of Thai billionaire Sarath Ratanavadi’s power company, would create a new entity valued at 1.037 trillion baht ($30 billion).
As part of the restructuring, Gulf Energy, Intouch and Sarath offered to buy 58.9% of Thaicom at 11 baht apiece.
Thaicom said its rising stock price since the merger announcement is the primary reason it is asking shareholders to vote against the deal.
Its shares ended flat at 12.3 baht on Thursday.
A similar tender offer was launched for Advanced, valuing the firm at 216.30 baht per share, with the offer later being lowered to 211.43 baht.
Advanced said its financial adviser found the revised price to be lower than its estimated valuation range of 229.55 baht to 285.70 baht.
Shares of Advanced closed 1.1% higher at 290 baht apiece on Thursday.
Gulf Energy and Intouch did not immediately respond to a Reuters request for comment.
($1 = 34.5700 baht)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala)
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