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Serm Suk Shares Slump as Tender Offer Ends Tomorrow

Serm Suk Pcl, the Thai bottler of PepsiCo Inc. beverages, fell the most in at least two decades in Bangkok trading as a tender offer for its shares is scheduled to end tomorrow.

Serm Suk slid 19 percent to 47 baht at the 4:30 p.m. close, the steepest decline since at least 1990, when Bloomberg data was available. That made it the worst performer in the 479- member SET Index, which rose 1.3 percent.

SS National Logistics Co. will close its offer to buy all remaining shares in Serm Suk tomorrow. Closely held SS National, which offered to buy the stock at 42 baht each, said Nov. 26 it acquired 31.9 percent of the company during the tender offer.

“Serm Suk’s recent rally is purely on the story about the battle to take majority control of the company,” Parin Kitchatornpitak, an analyst at Far East Securities Co. in Bangkok, said by telephone. “Without that, the current share price is at a ridiculous level far beyond its true fundamentals.”

The beverage maker, whose biggest shareholder is PepsiCo, has more than doubled in market value since the U.S. beverage company announced in April an offer to buy shares it didn’t already own at a 44 percent premium to the closing price before the announcement.

PepsiCo later scrapped the proposed acquisition after the company’s board rejected the offering price as too low and it failed to acquire enough shares from investors.

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