ThaiBev Tenders for All Shares in ‘Sermsuk’ with 28% Upside to Trading Price

So Water Co., a subsidiary of Thai Beverage, has revealed plans to purchase the 35.3% stake of Sermsuk Public Company Limited (SET: SSC)held by minority shareholders.

As the largest shareholder of Sermsuk, So Water has initiated a tender offer at 63.00 baht per share, indicating a 28% premium from Sermsuk’s closing price of 49.25 baht on the day the offer was made, Wednesday, amounting to 93.9 million shares for a total acquisition cost of up to 5.92 billion baht.

Upon the successful completion of the tender offer, So Water intends to remove Sermsuk’s shares from the Stock Exchange of Thailand, aiming to enhance the management and operations of the company by streamlining procedures and increasing decision-making flexibility, as per a filing by ThaiBev to the Singapore stock exchange.

Additionally, delisting the shares will alleviate Sermsuk from the financial burden, expenses, fees, and responsibilities associated with maintaining its public listing on the stock exchange, according to ThaiBev’s statement.

Sermsuk operates as a beverage manufacturer and a distributor of soft drinks “est” and “Sarsi” , drinking water “Crystal”, green tea “Oishi”, healthier carbonated soft drink “100Plus”, herbal drink “Jubjai”, soda “Rock Mountain”, energy drink “Ranger”, sport drink “PowerPlus”, and functional drink V-BOOST.