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The second tender offer will be launched for

delisting the portfolio company. Typically, the
process from obtaining the board of directorsû

approval for delisting which will then be

proposed to the shareholdersû meeting until
completion of the delisting tender offer would

take six to seven months.

In sum, the process for completing a going-

private transaction may take approximately one

year. To complete the tender offer, the acquirer

will be required to have sufficient funds and
the underlying agreement needs to ensure as

such. The source of funds may be from the

acquirerûs working capital, loans and/or credit
provided by financial institutions. In practice, it

would be sufficient for the acquirer to merely

submit a certification letter from the financial

institution indicating the loan amount to be

granted to the acquirer, or credit facilities for
the acquisition committed by the financial

institution.

It should be noted that merger control regime has

recently been enacted and become effective under the
Anti-competition Act of Thailand 2017. Therefore, in the

case where the merger approval requirement is triggered,

the going-private transaction may require additional three

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