CTJ Holdings2 LLC made a mandatory takeover offer to acquire the remaining 57.75% stake in Furukawa Metal (Thailand) Public Company Limited (SET:FMT) for approximately THB 290 million on June 10, 2020. Under the terms of the offer, CTJ Holdings will acquire 27.7 million shares of Furukawa Metal for THB 10.59 per share. Prior to the transaction CTJ already holds 42.25% stake in Furukawa Metal and will hold 100% stake upon full acceptance of the offer. The transaction will be financed from a cash deposit in a savings account with Mizuho Bank Limited with a current balance of approximately THB 780 million. CTJ also had entered into an agreement with Mizuho Bank Limited to request for financial support and Mizuho Bank Limited had provided financial support to CTJ by accepting to pay the consideration in respect of the Tender Offer in the amount up to approximately THB 290 million (¥1 billion) promptly upon CTJ Holdings2's failure to pay any amount of funds required for the Tender Offer. Upon completion, Gendai Yamaguchi one of the Director of Furukawa Metal will resign as the Board of Directors and one additional director, Hideki Shiraishi will be nominated to be the Board of Directors of Furukawa Metal. As of June 26, 2020, independent financial advisor Discover Management Co., Ltd. has opinion that shareholders should reject this Tender Offer due to the Tender Offer Price is inappropriate. The tender offer will be for a total of 25 business days from June 15, 2020 to July 20, 2020. Vuthichai Tumasaroj, Kanokporn Pongjetanapong and Natthawut Ananthanawut of Discover Management Co., Ltd. acted as financial advisor to Furukawa Metal. Chandler MHM Limited acted as legal advisor for CTJ Holdings2 LLC. Taweechai Tangthanasup of TISCO Securities Company Limited acted as the Tender Offer agent. CTJ Holdings2 LLC cancelled the acquisition of the remaining 57.75% stake in Furukawa Metal (Thailand) Public Company Limited (SET:FMT) on July 22, 2020. No shares were tendered.