Thailand's CP ALL Pcl acquired Siam Makro Pcl after its shareholders agreed on the 189 billion baht ($6.1 billion) deal. This acquisition is considered to be the Southeast-asian nation's largest takeover in history.
CP All Pcl held a meeting today to discuss the takeover in Bangkok. Attended by 87 percent of its shareholders, the meeting ended with an approval from the voters, said Supot Shitgasonpongse, secretary of CP All. Seventy-five percent total attendance is required for a valid election.
The offer was overseen by Charoen Pokphand Group, owned by billionaire Dhanin Chearavanont. Charoen Pokphand offered 787 baht ($25.26) per share, Siam Makro said.
Dhanin, who sold control of the warehouse company, is rebuilding his retail chain. His current offer amounts to an estimate 53 times Siam Makro's revenue in 2012. This also equates to over 50 percent of the average for 20 retailer buyouts across Asian emerging markets, according to Bloomberg.
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