Thai Union Public Company Limited (SET: TU) has informed the Stock Exchange of Thailand and all shareholders that the company has received a letter of intent dated 4 August 2025 from Mitsubishi Corporation regarding its intention to launch a general offer to acquire additional shares in the company.
Mitsubishi is an integrated trading and investment company that develops and operates diversified businesses across multiple industries through its extensive global network.
Its comprehensive capabilities in distribution, cross-border commerce, large-scale logistics, and operational efficiencies are highly relevant to TU’s global seafood operations.
In consideration of the growing expectations of external stakeholders, Mitsubishi identifies, assesses and addresses key issues of materiality to maximize the value generated through its business activities and contribute to the sustainable development of society. With its strong commitment to sustainable growth, innovation, and global partnerships, it stands out as an ideal collaborator for TU’s business objectives.
Mitsubishi and Thai Union plan to formalise their strategic partnership through a Business Alliance Agreement that will identify collaboration opportunities, assess investment prospects, and explore growth strategies, leveraging Mitsubishi’s presence across multiple industries to bolster TU’s market reach whilst strengthening ESG commitments for long-term success in the evolving global marketplace.
As of 31 July 2025, Mitsubishi holds 238,745,120 shares in TU, equivalent to 6.19% of its total issued shares (excluding treasury shares held by TU) or 5.36% of its total issued shares (including treasury shares held by TU).
Mitsubishi has offered to acquire an additional 532,273,639 shares in TU, equivalent to 13.81% of its total issued shares (excluding treasury shares held by TU).
The offer will only proceed to completion if Mitsubishi acquired the additional 532,273,639 shares in TU, equivalent to 13.81% of its total issued shares (excluding treasury shares held by TU), bringing its aggregate shareholding in TU to 771,018,759 shares or equivalent to 20.00% of its total issued shares (excluding treasury shares held by TU).
Partial acceptance which results in Mitsubishi’s aggregate shareholding not reaching the 20.00% target threshold will lead to cancellation of the offer in its entirety.
Mitsubishi has offered to purchase the shares at THB 12.50 per share. In the event that any circumstances arise which may materially impact the price, Mitsubishi could consider appropriate price adjustments.
As the offer is for less than 25% of TU’s total issued shares with voting rights and will not result in Mitsubishi holding 25% or more of TU’s total issued shares, this is not a regulated tender offer under Section 247 of the Securities and Exchange Act B.E. 2535 (1992).
Mitsubishi stated that this investment reflects its confidence in TU’s long-term growth and prospects and its desire to deepen commercial collaboration as a long-term strategic investor and trusted partner.
Mitsubishi will notify TU of the exact commencement date and the duration of the offer period following satisfaction of the conditions precedent (or waiver thereof by Mitsubishi). TU will immediately inform shareholders upon receipt of such notification according to SET guideline.
