IFA recommends PTL shareholders reject AGPH tender offer at 15 baht, citing below fair value

Corporate Action
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Summary · why it matters

The independent financial advisor of Polyplex Thailand, or PTL, recommends that shareholders reject the tender offer for all securities from AGPH Thailand at 15.00 baht per share, as it is below the fair value assessed by the discounted cash flow method, which ranges from 21.71 to 23.56 baht per share. This represents a discount of 6.71 to 8.56 baht, or 30.91 to 36.33 percent below fair value. The board of directors, excluding interested directors, unanimously resolved to reject this offer. The major shareholder, Polyplex Corporation Ltd. of India, which holds a combined 51.00 percent stake, has stated it will not sell its shares in this tender offer. The IFA noted that although PTL faces overcapacity in the thin PET film market and the impact of trade measures, the company is the world's second-largest thin BOPET film producer outside China and has growth potential from high-margin products, along with a solid financial structure.

Impact on stocks 1

Materials▲ · 1 stocks

Off-coverage companies 2

AGPH (Thailand) Ltd.Private▼ Negative
Capitalrelevance

AGPH's tender offer at 15 baht is rejected by IFA and board, likely to fail as major shareholder won't sell.

Polyplex Corporation LimitedPrivate± Mixed
Capitalrelevance

Polyplex Corporation Ltd. is the major shareholder that will not sell, but no direct impact on its own stock.

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