Nippon Steel Corporation (TSE:5401) made an Intention to Tender Offer to acquire G Steel Public Company Limited from group of shareholders for THB 7.8 billion on January 21, 2022. Nippon Steel agreed to pay THB 0.27 per share for 29 billion shares of GS steel.Nippon Steel Corporation (TSE:5401) made an Revised Tender Offer to acquire remaining 50.01% stake in G Steel Public Company Limited from group of shareholders for THB 3.9 billion on March 8, 2022 The source of fund to finance this Tender Offer shall originate from internal cash flow of the Offeror. In related transaction, Nippon Steel Corporation made an offer to acquire G J Steel Public Company Limited (SET:GJS) for THB15 billion on February 21, 2022. Nippon Steel Corporation already owned 14.6 million shares which is equivalent to 49.9% stake in G S Steel as part of share purchase agreement signed with Kendrick Global. As of the date of submission of the Tender Offer, the Offeror does not have plan to change organization and management structure of the Business within 12 months after the end of the Tender Offer Period. However, during the period of 12 months after the end of the Offer Period, the Offeror may consider to change organization and management to be appropriate for growth, efficiency and corporate governance. Nippon Steel doesn't intent to delist the G S Steel from stock exchange. The Tender Offer period will last from 23 February 2022 to 29 March 2022. Kasikorn Securities Public Company Limited acted as tender offer agent, Siam Premier International Law Office Limited, Sullivan & Cromwell LLP & Venture Law Ltd acted as legal advisor to Nippon. Thailand Securities Depository Co., Ltd. acted as registrar to G steel in transaction.

Nippon Steel Corporation (TSE:5401) completed the acquisition of 10.2% stake in G Steel Public Company Limited from group of shareholders for approximately THB 800 million on March 29, 2022.