CPN Pattaya Co., Ltd made a tender offer to acquire 49.57% stake in Grand Canal Land Public Company Limited (SET:GLAND) from Bangkok Broadcasting & TV Company Limited, Great Fortune Equity Company Limited, Kim Eng Securities (Hong Kong) Limited, K Group Company Limited, Chatri Sophonpanich and others for THB 10 billion on August 10, 2018. The consideration shall be paid in cash. As per the terms, CPN Pattaya has made a tender offer to acquire 3.22 billion shares in Grand Canal Land Public Company at the price of THB 3.10 per share. In a related transaction, CPN Pattaya Co., Ltd agreed to acquire 50.43% stake in Grand Canal Land Public Company from Charoenkrit Enterprise Co., Ltd., Belle Park Residence Co., Ltd., Khun Jatersiri Boondicharern, Khun Romani Boondicharern and Khun Jatemongkol Boondicharern. The consideration shall be funded from loan and working capital. On August 22, 2018, Bangkok Bank Public Company Limited issued a confirmation letter stating that the bank has approved a loan facility to the offeror for the purpose of tender offer in the amount of THB 12 billion. Nipon Wisityuthasart, Banphot Hongthong, Jatersiri Boondicharern, Romani Boondicharern and Jatemongkol Boondicharern have resigned from being the Directors of Grand Canal Land Public Company Limited as a result of the offer, so two new Directors will be appointed in their place. Sudhitham Chirathivat, Pandit Mongkolkul and Preecha Ekkunagul have been appointed as new directors to replace the resigning directors. Naparat Sriwanvit, Panida Sooksridakul, Kree Dejchai and Somphoch Thitipalatip will be appointed as executives and company secretary as of September 13, 2018. CPN Pattaya has not reached a conclusion on delisting of Grand Canal Land Public Company in the Stock Exchange of Thailand. The board of Central Pattana Public Company Limited (SET:CPN), parent of CPN Pattaya, approved the tender offer at the meeting held on August 10, 2018. The board of Central Pattana Public Company considers the transaction to be beneficial to the company and its shareholders. Tender offer period will start on September 25, 2018, and will end on October 31, 2018. Allen & Overy (Thailand) Co., Ltd. acted as legal advisor for CPN Pattaya. Thanamas Pungpo, Piyaporn Kwannoi and Benjawan Phasuk of Bualuang Securities Public Company Limited appointed as tender offer preparer and tender offer agent. Discover Management Company Limited acted as financial advisor to Grand Canal Land Public Company. CPN Pattaya Co., Ltd completed the acquisition of 17.1% stake in Grand Canal Land Public Company Limited (SET:GLAND) from Bangkok Broadcasting & TV Company Limited, Great Fortune Equity Company Limited, Kim Eng Securities (Hong Kong) Limited, K Group Company Limited, Chatri Sophonpanich and others on October 31, 2018. The consideration for the transaction was THB 3.4 billion. Valid acceptances were received for 1.1 billion shares of Grand Canal Land Public Company Limited. Post completion, CPN Pattaya holds 67.53% stake in Grand Canal Land Public Company Limited.