TRUE and DTAC Plunge Sharply after Announcement of Cancelling Amalgamation

The share price of TRUE and DTAC saw a sharp plunge right after the opening in the afternoon session as investors flooded the market with offers in response to the announcement during the lunch break indicating a cancellation of the amalgamation.

As of 15:22 local time in Thailand on Tuesday, the share price of True Corporation Public Company Limited (SET: TRUE) fell 5.62% to THB4.70 per share. The share price fell as much as 6.83% earlier. Meanwhile, the share price of Total Access Communication Public Company Limited (SET: DTAC) plunged as much as 12.57% after the announcement. It is currently trading down 8.38%.

TRUE and DTAC announced a cancellation of the amalgamation between both companies due to an expired condition of voluntary tender offer.

Citrine Global Company Limited and Citrine Venture SG Pte. Ltd., which are joint venture companies between Charoen Pokphand (CP) Holding, the parent firm of TRUE, and Telenor Asia, the parent firm of DTAC, have submitted the statement declining to make the conditional voluntary tender offer for all shares in TRUE and DTAC due to certain conditions precedent to both companies not having been satisfied within one year from 20 November 2022, during which time the Tender Offerors have expressed their intention to launch the voluntary tender offer. However, TRUE and DTAC stated that they will continue to work together in relation to the Amalgamation.