PBHD Limited signed a memorandum of understanding to acquire COL Public Company Limited (SET:COL) from a group of shareholders for THB 12.2 billion on September 14, 2020. PBHD made a tender offer to acquire 640 million shares of COL at a price of THB 19 per share. Worawoot Ounjai agreed to sell 57.6 million shares, representing 9% stake and HOLD COL agreed to sell 225.70 million shares, representing 35.27% stake. The sources of funds for the tender offer may include the PBHD’s working capital and/or loans from the Central Retail’s group of companies and/or financial institutions to accommodate the tender offer. On November 26, 2020, PBHD will fund the offer from funds provided by CRC from CRC’s cash flow as well as credit facilities from financial institutions where CRC has obtained financial support confirmation letters for the Tender Offer from such financial institutions. CRC will provide THB 22.2 billion to fund the transaction while Kasikornbank Public Company Limited up to THB 10 billion, Bangkok Bank Public Company Limited THB 5 billion and Bank of Ayudhya Public Company Limited up to the amount of THB 4 billion. As a result of the transaction, COL Public Company will operate as subsidiary of Central Retail Corporation Public Company Limited. The shares of COL will be delisted. The decision regarding Directors of COL will be taken according to the shareholding ration of offeror after the completion of transaction. The commencement of offer is subject to shareholders’ meeting of COL approves the delisting of COL’s securities from the SET with the votes of not less than three-fourths of the total issued shares of COL, the SET approves delisting. The transaction is unanimously approved by board of directors of Central Retail Corporation Public Company Limited and approved by board of directors of COL. Central Retail Corporation expects that the process of the Tender Offer and the delisting of COL’s securities from the SET will be completed within the first quarter of 2021. The tender offer will commence on November 27, 2020 until February 4, 2021. On November 26, 2020, all conditions precedent has been completed. As of December 29, 2020, approximately 441.34 million shares representing 69% shares were tendered. Maybank Kim Eng Securities (Thailand) Public Company Limited acted as financial advisor for COL. Vararatana Jutimitta and Soravis Krairiksh of Bualuang Securities Public Company Limited and Trairak Tengtrirat and Supachoke Supabundit of Kiatnakin Phatra Securities Public Company Limited acted as financial advisors and tender offer preparer for PBHD. The Capital Law Office Limited acted as legal advisor in the deal. PBHD Limited completed the acquisition of 99.7% stake in COL Public Company Limited (SET:COL) from a group of shareholders for THB 12.1 billion on February 4, 2021. As per the results, 638.2 million shares are tendered. On February 19, 2021, COL Public Company Limited was last traded and all the shares were delisted on February 22, 2021.