ESSO Jumps 3.5% after BCP Sets Purchasing Price at THB9.94

The share price of Esso (Thailand) Public Company Limited (SET: ESSO) rose THB 0.30 or 3.51% to THB 8.85 per share in the afternoon session on Friday after Bangchak Corporation Public Company Limited (SET: BCP) has announced that the purchase price to acquire ESSO is THB 9.94 per share.

BCP stated that on 8 May 2023, ESSO published its financial statements for 3-month period ended 31 March 2023 according to the information disclosed to the Stock Exchange of Thailand (SET). The Company has prepared the estimation of the purchase price based on the public information disclosed by ESSO and the estimate of (i) hydrocarbon inventories and (ii) inventories of the finished lubricants and chemical marketing businesses which are excluded businesses of the Transaction (the Excluded Businesses) as at 31 March 2023, according to the price adjustment disclosed in the Information Memorandum on Asset Acquisition Concerning the Acquisition of Shares of ESSO (Thailand) Public Company Limited. However, actual information on the inventories of ESSO may differ from the estimate prepared by the Company.

The announcement was in a pursuant of BCP earlier statement to acquire all shares of ESSO from its major shareholder and through a tender offer.