In today’s briefing:
- True/DTAC Pop As Council Of State Rules NBTC Has No Teeth
- DTAC/True Merger: Council of State’s Decree Paves the Way for Completion
True/DTAC Pop As Council Of State Rules NBTC Has No Teeth
- According to media reports, Thailand’s Council of State has ruled the NBTC has no authority to approve or reject the True Corp (TRUE TB) / Total Access Communication (DTAC TB) merger.
- The NBTC can prescribe measures to govern the deal but these appear almost of no consequence.
- The ruling is a positive development for the merger getting over the line. Both stocks enjoyed strong gains today.
DTAC/True Merger: Council of State’s Decree Paves the Way for Completion
- The press reports that the Council of State has stated that the regulator, NBTC, can only prescribe measures to govern the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
- The Council of State decree paves the way for the merger to complete and the launch of the VTOs. The NBTC remedial measures will likely focus on consumer protection measures.
- The current share price ratio is 9.150x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 4.4% and 1.8%, respectively.
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