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Mitsubishi UFJ Gets A Foot In The Door On Offer To Control Thailand's Bank of Ayudhya
Mitsubishi UFJ Financial, the Japanese banking group, has agreed to acquire a controlling stake in Thailand's Bank of Ayudhya for approximately ¥560 billion ($5.6 billion).
Under the terms of the deal, which will have Mitsubishi UFJ own up to 75 per cent in the Thai firm, the Japan bank will offer THB38 ($1.26) per share, which is 5.4 per cent higher than the closing price as of 2 July 2013.
So far, GE Capital has signed a share tender agreement to let go of its 25 per cent interest in the bank, as revealed in a statement. The other major stakeholder in the company, the Ratanarak Group, said it will keep its 25 per cent stake.
The tender offer is set to begin in November this year, to close before the end of December.
Bank of Ayudhya is the fifth-largest bank in Thailand with 601 branches and around 19,000 outlets nationwide. It is headed by Janice Van Ekeren as chief executive.
