THAILAND: PepsiCo undeterred by Serm Suk deal collapse
PepsiCo remains committed to Thailand
PepsiCo has reaffirmed its long-term commitment to operations in Thailand, despite failing in its attempt to gain control of local Pepsi-Cola bottler Serm Suk.
PepsiCo's partner in Thailand, Strategic Beverages, yesterday cancelled its tender offer to gain a majority of Serm Suk shares.
Strategic Beverages already owns 41.54% of Serm Suk, but the group could only gain a further 8.67% via the tender offer, despite extending the offer period for an extra week to 10 June. The firm wanted a 51% overall stake in the bottler.
A PepsiCo spokesperson said today (11 June) that the failure of the tendure does "not affect PepsiCo’s long-term commitment to Thailand".
"We are of course disappointed that we did not achieve our target. Our price of THB29 (US$0.9) represented a near ten-year high for the stock and we believe it was fair to all shareholders,” said PepsiCo.
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