Allen & Overy advises BTMU on voluntary tender offer for Krungsri bank

Allen & Overy is advising the Bank of Tokyo Mitsubishi UFJ Ltd (BTMU) on its voluntary tender offer (VTO) for the Bank of Ayudhya Public Company Ltd (Krungsri), a commercial bank listed on the Thai Stock Exchange. The deal is valued at up to $5.75bn, which will make it the largest acquisition in Asia to date by a Japanese bank.

The deal, which is subject to regulatory approvals, corporate approvals and fulfilment of certain conditions, will see BTMU launch a VTO for Krungsri with the aim of acquiring a majority stake in the bank. BTMU has agreed with GE Capital International Holdings Corporation that it will tender its stake of approximately 25.33 per cent in the VTO.

The transaction, targeted for completion in December 2013, will see BTMU replace GE as a major shareholder in Krungsri and partner with the Ratanarak Group, an existing group of major shareholders which is not currently expected to tender its shares in the VTO.

Following completion, BTMU will be required under Thailand’s One Presence Policy to integrate its existing Thai operations into Krungsri. BTMU and Krungsri will discuss the potential integration of BTMU’s existing Bangkok branch, which would take place following the completion of the VTO.

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