BANGKOK (Reuters) - Gulf Energy Development, Thailand's biggest power producer run by billionaire Sarath Ratanavadi, offered a US$5.4 billion bid on Monday for Intouch Holdings, which controls the country's top mobile phone operator AIS.
The 65 baht (US$2.08) per share offer for the 81.1% shares of Intouch that Gulf doesn't already own, represents an 11% premium to Intouch's close on Friday. Intouch stock rose as much as 9% on Monday to 63.75 baht and closed at 63 baht.
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