Tuesday saw a little increase in BCP share price in anticipation of today’s shareholder meeting to vote on the company’s takeover of ESSO.
As of 11.03 A.M. Bangkok time, shares of Bangchak Corporation Pcl. (SET: BCP) were trading at THB32.50, a 3.17% increase over their previous closing price, with a trading value of THB132 million.
Meanwhile, the share price of Esso (Thailand) Pcl. (SET: ESSO) remained unchanged.
On January 12, BCP’s Board of Directors approved a tender offer for ESSO, one of Thailand’s largest integrated petroleum refining and marketing enterprises.
BCP will directly purchase 2,283,750,000 ordinary shares of ESSO from ExxonMobil Asia Holdings Pte. Ltd., representing 65.99% of ESSO’s total issued shares. After the deal with ExxonMobil Asia, BCP will have to make a tender offer for the remaining 1,177,108,000 ordinary shares in ESSO (about 34.01% of the total issued shares).
BCP anticipated a purchase price of THB8.84 or THB9.63 per share, valuing the sale shares at THB20,198 million or 21,982 million.
This transaction will only be completed should BCP receive approval from the Annual General Meeting (AGM) due today (April 11) by at least three-quarters of the total number of votes cast by shareholders with the right to vote.
