Failed Tender Offer Leaves Mitsubishi Stake in Thai Union Unchanged
Thai Union Group Public Company Limited (SET: TU) recently informed the Stock Exchange of Thailand (SET) that the offer by Mitsubishi Corporation to acquire additional shares in the company has been automatically cancelled due to insufficient acceptance from shareholders.
The company received formal notification of the cancellation on September 29, 2025.
The failure of the tender offer was a result of a specific condition outlined in the original offer documents.
This condition stipulated that the offer would be automatically voided if, at the close of the offer period, the total number of shares that shareholders intended to sell was below a specific minimum threshold.
This threshold was set at 532,273,639 shares in TU, which represents 11.95% of the total issued shares when including treasury shares held by the company, or 13.81% when excluding them.
Following the closure of the offer period on September 26, 2025, the number of shares committed for sale did not reach this crucial minimum level.
Consequently, the offer was deemed automatically cancelled, adhering strictly to the terms established in the offer documents.
This means that all shareholders who had previously expressed their intention to sell their shares will have those shares promptly returned to them in accordance with the outlined procedures.
No purchase of shares will be executed by Mitsubishi, and no payments will be made by Mitsubishi to any of the participating shareholders under the terms of this failed offer.
This outcome ensures that Mitsubishi Corporation’s current shareholding in Thai Union remains entirely unchanged at 238,745,120 shares in TU.
Shareholding and Operational Impact Remains Neutral
Following the automatic cancellation of the tender offer, Mitsubishi Corporation’s strategic shareholding in Thai Union Group Public Company Limited maintains its existing status, and the company confirms that its internal business plans and day-to-day operations will not experience any adverse impact.
Mitsubishi Corporation’s current ownership stake in Thai Union stands firm at 5.36% when calculating with the inclusion of treasury shares, or 6.19% when treasury shares are excluded from the total issued share count.
The failure of the tender offer to meet the minimum acceptance threshold has zero effect on Thai Union’s existing corporate strategy, long-term business development plans, or operational activities.
The company explicitly clarified that the non-occurrence of the share transaction does not necessitate any changes to its forward-looking initiatives.
Crucially, the long-standing strategic and business collaboration between Thai Union and Mitsubishi, a partnership that spans decades since its inception in 1991, will remain completely unaffected and is set to continue.
This enduring relationship, built on mutual strategic interests and collaboration across various business fronts, is independent of the failed bid for increased equity.
The continuity of this partnership highlights the deep, operational nature of the collaboration, which extends far beyond mere shareholding percentages and into joint business growth efforts.
Enduring Commitment to Strategic Partnership
Despite the unsuccessful bid to acquire additional shares, Mitsubishi Corporation has formally reaffirmed its strong commitment to its strategic partnership with Thai Union, emphasizing that it will continue to actively explore and pursue growth opportunities through its existing equity position and collaborative efforts.
The company’s commitment signals that the relationship is anchored in business synergies rather than just a desire for increased control via stock acquisition.
Mitsubishi remains dedicated to maintaining a robust and fruitful working partnership with Thai Union.
The two companies will continue to look for ways to expand their joint ventures, explore new market opportunities, and further their collaboration, leveraging their combined expertise in the global seafood and food industries.
The current unchanged shareholding is simply the platform from which this enduring strategic relationship will continue to operate.
This commitment ensures that the cancellation of the offer is viewed as a purely financial, technical non-event that had a very specific closing condition, rather than a reflection of any change in the strategic value of Thai Union or the long-term viability of the partnership.
Ultimately, the stability of the long-term alliance, which has been in place since the early 1990s, remains the paramount factor for both organizations.
