Gulf Energy Development chief executive officer Sarath Ratanavadi plans a buyout of Intuoch Holdings Plc, which controls AIS. (Photo: Gulf Energy Development)
Gulf Energy Development Plc, Thailand’s biggest power producer by market value, has made a buyout bid for Intouch Holdings Plc, which controls the nation’s largest mobile phone operator, offering as much as 169 billion baht.
The Bangkok-based company, controlled by billionaire Sarath Ratanavadi, offered to buy 2.6 billion shares, or about 81% of Intouch, that it does not currently own at 65 baht each, it said in an exchange filing. The offer price is 11% higher than Intouch’s close on Friday.
Gulf will also tender for 100% of Advanced Info Service Plc, Thailand’s biggest mobile phone company controlled by Intouch, at 122.86 baht each….
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