The Thailand Securities and Exchange Commission has opened a public consultation on additional amendments to its rules on acquisitions of securities for business takeovers after identifying points in the wider reform package that could remain unclear in practice. The proposals would require a declaration of intent to acquire securities for takeover purposes on Form 247-3 when a conditional public announcement is made, clarify waiver calculations for partial tender offers, and set deadlines for reducing holdings and filing Form 246 2 where an exemption from the mandatory tender offer requirement applies. Approved by the Capital Market Supervisory Board, the package forms part of the SEC's broader effort to update takeover regulations in line with current circumstances and international principles while improving information for shareholders and investors and reducing burdens for the private sector. Tender offers for the purpose of delisting securities would be exempt from the Form 247-3 filing requirement. The partial tender offer changes would clarify how to calculate shares arising from rights to purchase or conversion under convertible securities, and how to calculate voting rights at shareholder meetings, when applying for a waiver. Where an exemption from the tender offer obligation applies, the shareholding proportion or control position would have to be reduced within seven business days from the acquisition date reported under the acquisition or disposition form, and Form 246 2 would have to be submitted within three business days from the date shares are acquired or control is obtained. Comments are invited until 10 June 2026. Public comments on the broader takeover reform principles had already been sought earlier.

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