The factors behind the CP takeover of Siam Makro

Who wins in Thailand’s biggest ever takeover? – FT, April 24, 2013
…But as one analyst asked on Wednesday, who is kidding who?
…By the time the deal was announced, many shares – in both companies – had changed hands. Both CP All, part of the CP Group, and Siam Makro, 64 per cent owned by Dutch conglomerate SHV Holdings, were suspended from trading on Monday, shortly after CP All’s stocks had plunged more than 6 per cent. Siam Makro’s continued surging, up 53 per cent in the year to date. On Wednesday, investors signalled their response to the deal: Siam Makro rose more than 13 per cent to a record high, while CP All suffered a near record slide of more than 11 per cent…

Also: Thai lucky numbers: On the day 2-3-4-5-6, the CP founder made sure his bid was 188.88 billion
…Perhaps not too surprisingly, the value of the takeover bid from the Thai group’s subsidiary CP All Plc comes to 188.88 billion baht. Chinese consider the number 8 to be lucky. For example, the 2008 Beijing Olympics began on 8/8/2008 at 8:08:08pm…

Thai 7-Eleven King Turns Retail Dream to Stock Nightmare – Bloomberg, April 25, 2013
…Dhanin’s CP All, which runs more than 6,800 7-Eleven stores in Thailand, slid 10 percent in Bangkok yesterday — the most in more than four years — after saying it will pay $6.6 billion for discount wholesaler Siam Makro Pcl. (MAKRO) The offer is 41 percent above Siam Makro’s average price in the prior 20 days, a record premium for a retail deal in emerging Asia, according to data compiled by Bloomberg. CP All’s bid also represents the highest multiple to net income, the data show…

Thai Billionaire’s 7-Eleven Reaps 1,700% Gain: Chart of the Day – Bloomberg, April 25, 2013

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