November 22, 2022 – Total Access Communication Plc. or dtac has informed the Stock Exchange of Thailand that the companies jointly owned by Telenor and CP Group (Citrine Global Company Limited and Citrine Venture SG Pte. Ltd), have declined the Voluntary Tender Offer (VTO) to the shareholders in dtac and True in compliance with law.
Companies jointly owned by Telenor and CP Group announced a VTO to purchase the shares in dtac and True under the tender offer regulation of the Securities and Exchange Commission of Thailand. The VTO was made subject to conditions precedent which have not been met within the one-year period. Therefore, in line with the tender offer regulations, the parties have denounced their intention to carry out the VTO.
The shareholders and investors of True and dtac can continue to trade shares in the market or remain as shareholders in the new company, which will be listed on the Stock Exchange of Thailand.
The parties are working on concluding necessary assessments to proceed with the amalgamation and finalize the transaction within the first quarter of 2023. The new company as a Telecom-tech company will have more opportunity to serve customers and increase value of investment for shareholders as well as further provide benefit for Thai people, the society, the economy and the country.