Santi Bhirombhakdi made an offer to acquire 11.67% stake in Singha Estate Public Company Limited (SET:S) from Thai NVDR Co., Ltd, Rasa Tower Co., Ltd., 8 individuals and others for THB 1 billion in cash on September 23, 2014. Other sellers include Kemchai Rasananda, Rapi Pinichchob, Acharaporn Siripraiwon, Yanyong Panwangklom, Pancha Sanadisai, Wirongrong Ratanawijai, Pat Klamchuen and Lamipago Srikuruwan. Under the offer, Santi Bhirombhakdi will acquire 549.99 million shares for THB 1.87 per share. The consideration will be funded from the credit line from Kasikorn Bank PublicCompany Limited with the amount of THB 1.1 billion.

The tender offer will be open for September 24, 2014 to October 29, 2014. The final payment will be made on November 3, 2014. The final day of withdraw period is October 21, 2014. Singha Property Management Company Limited holding 38.23% of total issued and paid-up shares or 1.8 billion shares and Singha Property Management (Singapore) Pte. Ltd. holding 18.75% of total issued and paid-up shares or 883.35 million shares has expressed their intentions not to sell all their shares in this offer. The offer is not subject to any conditions. Santi Bhirombhakdi does not intent to share in management of Singha Estate. As of October 14, 2014, the Board of Singha Estate Public Company Limited unanimously recommended the shareholders to reject the offer.

Baker and McKenzie Company Limited acted as legal advisor while Maybank Kim Eng Securities (Thailand) Public Company Limited acted as tender offer agent, preparer and financial advisor for Santi Bhirombhakdi. Advisory Plus Company Limited acted as financial advisor for Singha Estate Public Company Limited. RHB OSK Securities (Thailand) Public Company acted as tender offer agent in the transaction.