Berli Jucker Public Company Limited (SET:BJC) made a tender offer to acquire remaining 6.91% stake in White Group Public Company Limited (SET:WG) from a group of shareholders for approximately THB 230 million on June 19, 2020. Berli Jucker will acquire 1.2 million shares at an offer per share of THB 185.44. As of July 22, 2020, Berli revised the offer price to THB 187.67 per share. The offer price is subject to adjustments. Berli Jucker Public Company will make a payment in cash for the securities of all shareholders accepting this tender offer. Pre deal, Berli Jucker held 93.1% stake and post completion of the deal, it will hold 100% stake in White Group. The source of funds that Berli Jucker Public Company will use to provide financial support to the tender that comes from internal cash flows and credit facilities from a financial institution. Berli Jucker Public Company Limited may change the directors of the target Company as deemed fit and appropriate. Any change in the composition of the Board of Directors shall be made in compliance with relevant rules and regulations, including the Company's Articles of Association, the Board of Directors' meeting and/or the shareholders' meeting of the Company, as the case may be.

The transaction is subject to approval by the shareholders of White Group, relevant regulatory agencies, including the SET, the financial institutions, and other contractual parties under the relevant agreement. The shareholders' meeting of White Group need to resolve to approve the delisting of White Group securities from the SET with affirmative votes of not less than three-fourths of the total number of issued and paid-up shares of the White Group and without dissenting votes of more than 10% of the total number of issued and paid-up shares of White Group in accordance with the SET's rules on delisting. The transaction was approved by the Board of White Group. However, the final decision depends on the shareholders' individual judgment. As on July 31, 2020, the deal was approved by the shareholders of White Group. As on September 18, 2020, the board of White Group unanimously recommended its shareholders to accept the offer. Berli Jucker will make the delisting tender offer after the conditions to the deal have been completely satisfied. White Group expects that Berli Jucker will make tender offer for delisting White Group's securities from being listed securities on the SET within September 2020 – November 2020 subject to the satisfaction of the condition for the deal. As of August 27, 2020, tender period commenced for the period of 45 business days, from August 28, 2020 to November 4, 2020.

Advisory Plus Company Limited was appointed to act as financial advisor for White Group on June 19, 2020. Phatra Securities Public Company Limited acted as financial advisor for Berli Jucker. Weerawong, Chinnavat & Peangpanor Ltd. acted as legal advisor to Berli Jucker Public Company Limited. Advisory Plus Company Limited is of the opinion that the shareholders should approve the delisting of White Group's securities from the SET.

Berli Jucker Public Company Limited (SET:BJC) completed the acquisition of an additional 3.94% stake in White Group Public Company Limited (SET:WG) from a group of shareholders for approximately THB 130 million on November 4, 2020. After the transaction, Berli Jucker Public Company Limited holds 17.32 million shares of White Group Public Company Limited.