Min Intanate, Director and an Executive Chairman of ARIP made an offer to acquire remaining 35.67% stake in ARIP Public Company Limited (SET:ARIP) from a group of shareholders for approximately THB 110 million on June 28, 2021. Under the term, Min Intanate will acquire 166.23 million shares of ARIP at THB 0.65 per shares. The tender offer was submitted on July 5, 2021. The tender Offer will be funded by the Min Intanate's personal fund in saving account at Bangkok Bank Public Company Limited. Post completion, Min Intanate will hold 100% stake in ARIP. The Offeror will maintain core business objectives of ARIP's business operations within a period of 12 months after the completion of the Tender Offer whereby the Company will still focus on its core businesses. Post completion, Min Intanate has no plan to change the Board of Directors of ARIP. However, in the event that ARIP has to appoint additional new directors or replace the directors who resign or have completed their term of office or for any other reasons, Min Intanate shall appoint the new directors as deemed appropriate and reasonable and in compliance with relevant laws and regulations. Within the period of 12 months after the completion of the Tender Offer, the Offeror has no intention to delist ARIP ordinary shares from the SET. ARIP Public Company Limited established an audit committee consisting of independent directors of ARIP namely Isaraya Sukcharoen, Rana Pongruengphant and Sunee Mattanyukul. As of July 27, 2021, board of directors of ARIP together with Jay Capital Advisory Limited, unanimously agrees that the shareholders should reject the Tender Offer because of the following reasons: (i) The Offer price at THB 0.65 per share is inappropriate as it is below the range of the fair price of ordinary shares valued by Jay Capital Advisory Limited using the discounted cash flow approach, which is in range of THB 0.69 – 0.97 per share. (ii) In accordance with the Tender Offer Document (Form 247-4) by the Offeror, ARIP's objective, investment and capacity expansion plan, restructuring plan, acquisition and deposition plan, capital structure, dividend policy and related party transaction will not be materially changed during 12-month period after the completion of the Tender Offer. The Company and its shareholders therefore will not be affected by any significant changes after the Tender Offer. The tender offer period will open on July 8 and will close on August 16, 2021. The settlement of payment expected to be on August 19, 2021. As per July 19, 2021, settlement of payment will be on August 18, 2021. Jirayong Anuman-Rajadhon of Jay Capital Advisory Limited acted as a financial advisor to ARIP. Chulakull Phumon of Finansia Syrus Securities Public Company Limited acted as a tender offer preparer and tender offer agent in this transaction.