Global Power Synergy Public Company Limited (SET:GPSC) offered to acquire 30.89% stake in Glow Energy Public Company Limited for THB 43.6 billion on June 19, 2018. As per the terms of the offer, Global Power Synergy Public Company Limited will acquire approximately 450 million shares. Global Power Synergy Public Company Limited will pay THB 96.5 per share. As of June 22, 2018, Board of Directors resolved to approve an interim dividend payment of THB 1.608 per share, totaling THB 2.35 billion, which will decrease the purchase price of Global Power Synergy Public Company Limited by THB 1.608 to THB 94.892 per share. As of March 14, 2019, Global Power Synergy Public Company Limited made the offer to acquire 30.89% stake in Glow Energy Public Company Limited for THB 41.6 billion. Global Power Synergy Public Company Limited has reduced the offer per share to THB 91.9906 from THB 96.50 per share. As of April 9, 2019, Global Power Synergy Public Company Limited made the offer to acquire 30.89% stake in Glow Energy Public Company Limited for THB 41 billion. Global Power Synergy Public Company Limited has reduced the offer per share to THB 90.8136. In a related transaction, Global Power Synergy Public Company Limited signed an agreement to acquire 69.11% stake in Glow Energy Public Company Limited from Engie Global Developments B.V. and two other individuals for THB 97.6 billion. Global Power Synergy Public Company Limited will finance transaction by securing a short term loan (loan with a term of not exceeding 12 months), of which the amount shall be not exceeding approximately THB 140 billion from financial institutions and/or major shareholder(s) to accommodate the shares purchase transaction and the tender offer for the remaining shares of Glow Energy Public Company Limited. As of July 23, 2018, Global Power Synergy Public Company Limited entered in a short term facilities agreement for a term not exceeding 12 months of bridging loan of amount exceeding THB 35 billion in order to support the transaction. As of March 25, 2019, the source of funds to be used in this Tender Offer is derived from the credit facility with credit line of not exceeding THB 41.5 billion from The Siam Commercial Bank Public Company Limited and KrungThai Bank Public Company Limited and the loan facility with available balance of THB 3 billion from KrungThai Bank Public Company Limited.

The transaction is subject to approval of shareholders of Global Power Synergy Public Company Limited and regulatory approval. The Board of Directors of Global Power Synergy Public Company Limited approved the transaction on June 19, 2018. The transaction is approved by Energy Regulatory Commission on June 25, 2018. As of August 24, 2018, the transaction is approved by the shareholders of Global Power Synergy approved the transaction at the extraordinary general meeting. As of March 18, 2019, Board of Directors resolved to approve the annual dividend for 2018 at the amount of THB 2.785 per share, which will decrease the net purchase price of Global Power Synergy Public Company Limited by to THB 90.8136 per share. As of March 25, 2019 the offer period of offer is from March 25, 2019 to May 25, 2019. As of April 5, 2019 the offer period of offer is March 25, 2019 to May 17, 2019.

AvantGarde Capital Co., Ltd acted as independent financial advisor for Global Power Synergy Public Company Limited. Weerawong, Chinnavat & Partners Ltd acted as legal advisor to Glow Energy Public Company Limited. The Siam Commercial Bank Public Company Limited and Phatra Securities Public Company Limited acted as tender offer preparers. Jay Capital Advisory Limited acted as financial advisor for Glow Energy Public Company.

Global Power Synergy Public Company Limited (SET:GPSC) completed the acquisition of 26.1% stake in Glow Energy Public Company Limited for THB 34.7 billion on May 17, 2019. Global Power Synergy Public Company Limited acquired 382.4 million shares.