SET-listed Jasmine International Plc CEO Pete Bodharamik will spend almost 40 billion baht to buy the remaining Jasmine shares (JAS) and warrants (JAS-W3) from existing shareholders in a tender offer.
He will pay 7.25 baht apiece for the remaining 4.09 billion shares and 3.68 baht each of 2.73 billion units of warrants (JAS-W3), Jasmine said in a filing with the Stock Exchange of Thailand before the market opened on Monday.
In another statement filed less than three hours later, Saijai Kitsin, Jasmine's executive vice-president and secretary to the board, said Mr Pete had no intention to delist the stock and the tender offer was "for the purpose of more effective business management".
The prices gave investors premiums of 9% for the stock and 15% for the warrants from the previous closes on Friday.
Based on the prices, Mr Pete would need 39.82 billion baht in total -- 29.66 billion baht for the shares and 10.16 billion baht for the warrants -- if all shareholders took the offer.
Siam Commercial Bank will handle the tender offer and provide financial support to Jasmine, with a credit line of up to 42.5 billion baht.
Mr Pete currently has 31.07% of the outstanding shares and 10.27% of the warrants.
Market rumours have speculated a merger with the second-ranked mobile operator, Total Access Communications (DTAC), is possible.
Jasmine earlier suffered a credibility problem when its subsidiary, JAS Mobile Broadband Co Ltd, failed early this year to pay the 8.04-billion-baht first instalment after it won a 900-megahertz spectrum licence at 75.7 billion baht in December 2015.
The National Broadcasting and Telecommunications Commission (NBC) confiscated JAS’s 645-million-baht guarantee on March 21. It has faced the fine of almost 200 million baht.
JAS shares were suspended from market opening to 11.45am. They closed at 7.20 baht, up 8.27% from Friday's close, in total trade value of 16.36 billion baht, the most active of the day. JAS-W3 surged 15% to 3.68 baht in trade worth 2.91 billion baht.
DTAC shares jumped 8.8% to 34 baht in trade worth 1.89 billion baht, the third most active stock of the day.
