PepsiCo and its allies owned about 41.5% of Serm Suk when they launched the tender offer on 30 April, and secured an additional 8.7% of the company at the offer price of THB 29 a share, which valued Serm Suk at $236.5m.
That offer just nudged the PepsiCo group through the 50% equity level, but failed to meet PepsiCo’s target of an additional 9.5% stake in the Thai logistics and bottling company.
“Our tender offer was a strong indication of our long-term commitment both to Serm Suk and to Thailand,” said a PepsiCo spokesman. “We believe [the tender offer price] was fair to all shareholders.”
Source: Wall Street Journal
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