The Mitsubishi Corporation’s general offer to acquire additional shares in Thai Union has been cancelled with the offeror citing “insufficient acceptance” at the end of the offer period.
In a statement, Thai Union explained that the conditions of the offer stipulated that it would be automatically cancelled if at the end of the offer period, the total number of shares intended to be sold by company shareholders was less than 532,273,639, representing 11.95% (including treasury shares held by the company) or 13.81% (excluding treasury shares held by the company) of the total issued shares in the company.
“Following the closure of the offer period on 26 September 2025, the number of shares intended to be sold was not sufficient to meet the minimum threshold specified above and, as a result, the offer shall be deemed automatically cancelled,” it said.
All shareholders who have already expressed their intention to sell their shares will have their shares returned to them in accordance with the procedures set out in the offer documents.
Mitsubishi’s shareholding in Thai Union remains unchanged at 238,745,120 shares in the company, representing 5.36% (including treasury shares held by the company) or 6.19% (excluding treasury shares held by the company) of the total issued shares in the company.
Thai Union statement advised that the automatic cancellation of the offer will have no impact on its business plans or operations.
“The decades-long strategic and business collaboration between the company and the offeror, which began in 1991, will remain unaffected and continue. Despite this outcome, the offeror remains committed to the strategic partnership with the company and will continue to explore growth opportunities and further collaboration with the company through its existing shareholding,” it said.
