A recently approved merger between True Corp and dtac ran into another delay after a deadline to complete a voluntary tender offer for the shares of the units owned by CP Group and Telenor Group was missed.
The Securities and Exchange Commission of Thailand tender offer condition required the deal to be closed within a year from 20 November 2021. Having missed the deadline, the companies separately stated they declined to carry out the offer.
Telenor added it believes in the benefits from the merger and will actively support the deal, under which both companies continue to target an equal ownership share of around 30 per cent.
The Norway-based company said it aims to complete the transaction in Q1 2023.
A month ago, the National Broadcasting and Telecommunications Commission (NBTC) approved the long-delayed deal, adding a number of conditions aimed at protecting consumers.
The controversial deal faces continued opposition, with operator AIS petitioning Thailand’s Central Administrative Court to revoke the NBTC approval.