The FINANCIAL — Industrial and Commercial Bank of China Limited ("ICBC") announced that a voluntary tender offer to Thailand ACL Bank Public Company Limited ("ACL Bank") has been made, with the delivery of shares and capital.
Through the above transaction, ICBC acquired approximately 97.24% shareholding of ACL Bank.
On March 9, 2010, ICBC made the voluntary tender offer in compliance with all the regulatory rules to the shareholders of ACL Bank at THB 11.50 per share in duration of 25 working days. The offer ended on April 16. ICBC received 1,546,286,553 ordinary shares and 282,048 preferred shares from the ACL shareholders (including Thailand Ministry of Finance, Bangkok Bank), which together accounted for approximately 97.24 percent of the total issued shares of ACL. On April 21, ICBC concluded the acquisition by paying the said amount in exchange of the ACL Bank shares.
Under the terms of the Voluntary Tender Offer, if ICBC acquired 80 percent or more of the total issued shares of ACL, ICBC will delist ACL. As the shares acquired went over the restriction, ICBC said it would apply for the delisting of ACL according to the Thailand laws and regulations and Articles of Association of ACL Bank.