The share price of True Corporation Public Company Limited (SET: TRUE) and Total Access Communication Public Company Limited (SET: DTAC) skyrocketed at the opening bell on Monday, November 22, 2021, after the announcement of their Boards of Director in a feasibility of amalgamation between the two businesses.
As of 10:16 local time in Thailand, TRUE rose ฿0.58/share or 13.43% to ฿4.90/share with a trading value of 3,942 million baht. Meanwhile, The share price of DTAC increased ฿4.50/share or 10.91% to ฿45.75/share with a trading value of 1,299 million baht.
The swap ratio has been fixed in respect of the allocation of shares in a new company to be formed as a result of the Amalgamation (the New Company) to the shareholders of TRUE and DTAC, the ratios of which are: 1 existing share in TRUE to 2.40072 shares in the New Company; and 1 existing share in DTAC to 24.53775 shares in the New Company.
TRUE and DTAC stated that both companies have been informed by Citrine Global Company Limited (Citrine Global or the Tender Offeror), a joint venture company of Charoen Pokphand Holding Company Limited, a shareholder of TRUE and DTAC, and Telenor Asia Pte Ltd, a shareholder of dtac, that Citrine Global intends to make a conditional voluntary tender offer for all securities of TRUE at the tender offer price of THB 5.09 per one share and for all securities of DTAC at the tender offer price of THB 47.76 per share.