The Sirivadhanabhakdi family, the largest shareholders of the Singapore-listed drinks conglomerate Thai Beverages, has launched a takeover bid for the property developer Univentures Plc. Univentures announced that it would offer 221.5 million shares, or 29%, at 2.04 baht each to Thapana and Panot Sirivadhanabhakdi, raising 450 million baht for the company.
The family of liquor billionaire Charoen Sirivadhanabhakdi, the country's richest man, will launch a mandatory tender offer for the company at the private placement price. It and has already secured commitments from three major Univentures shareholders for another 170 million shares, giving the family a 51.84% total holding after the private placement.
Ornruedi Na Ranong, the Univentures chief executive, said the transaction would have no impact on the company's management, employees or current business operations.
The three major Univentures shareholders committing to participate in the tender offer _ Kittiratt Na Ranong, Rob Collins and Iain Donnachie _ would remain board advisers. Univentures is expected to remain listed on the Stock Exchange of Thailand.
Mr Thapana said he was committed to investing in Univentures for the long run.
''Our entry will support UV in the future and will help the company invest in new projects that can generate good returns to shareholders,'' he said.
Shares of UV were suspended yesterday pending the announcement of the deal. Prior to the trading halt, the shares last traded at 2.18 baht each.
The company reported first-quarter profits of 18.13 million baht, down 43.43% from the same period last year.
Source: Bangkok Post today
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