Thai Union Group has confirmed that a general offer by Mitsubishi Corporation to acquire additional shares in the seafood group has been automatically cancelled after failing to meet minimum acceptance conditions.
The company said it was notified on September 29 that the offer closed without sufficient shareholder participation.
The offer terms required at least 532,273,639 shares, representing 11.95 per cent of Thai Union’s total issued shares (including treasury shares) or 13.81 per cent (excluding treasury shares), to be tendered by the end of the offer period. That threshold was not reached, resulting in automatic cancellation.
All shareholders who had expressed an intention to sell will have their shares returned under the procedures outlined in the offer documents. No purchases or payments will be made by Mitsubishi.
Following the expiry of the offer on September 26, Mitsubishi’s holding in Thai Union remains unchanged at 238,745,120 shares, equal to 5.36 per cent of the company (including treasury shares) or 6.19 per cent (excluding treasury shares).
Thai Union said the cancellation has no impact on its business plans or operations. It added that its long-standing partnership with Mitsubishi, which began in 1991, remains intact, with both companies committed to exploring further opportunities for cooperation.