Telenor and CP Group have decided to cancel voluntary tender offer (VTO) for the shares in dtac and True under the tender offer regulation of the Securities and Exchange Commission of Thailand.
On 22 November 2021, Telenor and CP Group announced their intention to support the amalgamation of dtac and True in Thailand.
As part of the amalgamation, companies jointly owned by Telenor and CP Group planned to carry out a voluntary tender offer (VTO) for the shares in dtac and True under the tender offer regulation of the Securities and Exchange Commission of Thailand.
The announced VTO was made subject to conditions precedent. The conditions precedent to the VTO have not been satisfied within one year from 22 November 2021. In line with the tender offer regulations, the parties have declined to carry out the VTO, Telenor said in a news statement.
Telenor said it believes in the benefits from the merger and continues to actively support the amalgamation of dtac and True. Telenor and CP Group will continue to target an equal ownership share of around 30 percent of the merged company.
Telenor and CP Group aim to complete the transaction within the first quarter of 2023.