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Thai Reinsurance extends offer for remaining stake in EMCS Thai

Thai Reinsurance PCL extended its offer to acquire the remaining 51% stake in EMCS Thai Co. Ltd. to June 30 from May 31.

The company said May 26 that it extended the offer because Thaire Life Assurance PCL, a shareholder of EMCS Thai, is considering the appropriateness of the proposed transaction.

Thai Reinsurance is seeking to acquire remaining 51% stake, or 3,060,000 ordinary shares, in EMCS Thai from other shareholders for 40 baht per share, or 122.4 million baht in the aggregate. Thaire Life Assurance holds 1.2 million shares, or a 20% stake, in EMCS Thai.

Subject to necessary approvals, the deal is expected to close in the third quarter.

As of May 26, US$1 was equivalent to 34.04 Thai baht.