The share price of Polyplex (Thailand) Public Company Limited (SET: PTL) rose as much as 9.90% after the opening bell after the report of several foreign funds and Thailand’s multinational petrochemical firm Indorama Ventures Public Company (SET: IVL) are discussing a deal to takeover PTL.
PTL closed the morning session at THB26.50 per share, increased THB1.25 or 4.95%.
Kaohoon Turakij, citing sources close to the matter, reported this morning that IVL is offering to purchase PTL at THB24.00 per share, while international funds are offering THB28.00 per share.
Sources noted that the seller is weighing on the decision as foreign funds who offered a higher price would not be able to add more upside in terms of fundamental value to PTL, while IVL, who is a leading petrochemical firm, could create more value and synergize well with PTL.
IVL made an official announcement to the Thai stock market earlier this morning, clarifying that there is no definitive commitment of any investment in this regard.
Meanwhile, PTL announced that the company would not comment on market rumours or speculation.