ทนายความ การเข้าซื้อกิจการ / การจัดหาเงินทุนโดยอาศัยหนี้ ที่ดีที่สุดใน Thailand

1. About การเข้าซื้อกิจการ / การจัดหาเงินทุนโดยอาศัยหนี้ Law in Thailand

การเข้าซื้อกิจการ (M&A) ในประเทศไทยครอบคลุมการซื้อหุ้น การโอนกิจการด้วยสินทรัพย์ และโครงสร้างร่วมลงทุนที่ต้องสอดคล้องกับกฎหมายไทย นอกจากนี้ การจัดหาเงินทุนโดยอาศัยหนี้ เช่น สินเชื่อจากธนาคาร การออกตราสารหนี้ หรือการรีไฟแนนซ์ ถือเป็นส่วนสำคัญของกระบวนการดังกล่าว ทั้งนี้ ผู้ดำเนินธุรกิจต้องพิจารณาข้อจำกัดของ Foreign Business Act และข้อกำหนดของสำนักงานตลาดหลักทรัพย์ (SEC) เพื่อให้ธุรกรรมสอดคล้องกับกฎหมายและสวัสดิภาพผู้ถือหุ้น

ผู้ดำเนินการควรมีที่ปรึกษากฎหมายเพื่อช่วยวิเคราะห์โครงสร้างข้อเสนอ เสียงเรียกร้องของผู้ถือหุ้นรายย่อย การเปิดเผยข้อมูล และการตรวจสอบสถานะทางการเงิน ภายใต้กรอบกฎหมายไทยที่เปลี่ยนแปลงอยู่เสมอ

Takeover rules in Thailand are designed to protect minority shareholders and ensure fair disclosure during acquisitions of listed companies.

สำหรับผู้ที่มีความเกี่ยวข้องทางการทุนและการลงทุนข้ามพรมแดน ความเข้าใจกฎระเบียบที่เกี่ยวข้องจะช่วยลดความเสี่ยงทางกฎหมายและค่าใช้จ่ายในการดำเนินการ โดยเฉพาะอย่างยิ่งเมื่อมีผู้ถือหุ้นต่างชาติหรือการเข้าถึงตลาดทุนไทย

แหล่งอ้างอิงสำคัญรวมถึงพระราชบัญญัติหลักทรัพย์และตลาดหลักทรัพย์ รวมถึงกฎเกณฑ์การเข้าเสนอซื้อหุ้นที่เกี่ยวข้องกับบริษัทจดทะเบียน ซึ่งสามารถดูรายละเอียดได้จากหน่วยงานรัฐที่เกี่ยวข้อง

2. Why You May Need a Lawyer

• Foreign ownership and licensing considerations - A foreign buyer acquiring a Thai company may need approvals under the Foreign Business Act and sector-specific licenses. A lawyer helps map which units require permission and prepares submissions to the relevant authorities.
• Due diligence and risk assessment - Before signing a term sheet, counsel conducts corporate, tax, employment, and litigation due diligence to identify hidden liabilities in a Thai target.
• Share deal vs asset deal structuring - Lawyers advise whether a stock purchase or asset purchase better protects your interests and minimizes tax consequences in Thailand.
• Regulatory approvals for listed targets - If the target is listed, counsel coordinates with the SEC and ensures compliance with Takeover Rules and disclosure requirements.
• Debt financing and security interests - For Thai debt financing, lawyers draft and review loan agreements, security documents (pledges, mortgages), and cross-border financing terms to comply with Thai contract and collateral rules.
• Post-merger integration and governance - After signing, counsel assists with stock transfer, entity consolidation, and governance changes to align with Thai corporate law.

3. Local Laws Overview

Securities and Exchange Act B.E. 2535 (1992) and related rules

This Act governs public offerings, disclosure obligations, insider trading prohibitions, and overall market integrity. It forms the backbone for transactions involving listed companies and capital markets in Thailand.

For current texts and amendments, refer to the Government Gazette and official translations published by the Office of Krisdika or SEC, and verify with the Department of Justice resources.

The Takeover Rules for listed companies under the SEC

The Securities and Exchange Commission administers Takeover Rules that apply when an investor acquires substantial holdings in a listed company. The rules require disclosure, fair treatment of minority shareholders, and, in certain cases, an offer to acquire remaining shares.

“Takeover rules aim to protect minority shareholders and ensure fair disclosure during acquisitions of listed companies.”

Recent updates focus on enhanced transparency and timely information flow to the market. Always verify the current requirements via the SEC official site before initiating any offer.

Foreign Business Act B.E. 2542 (1999) and foreign investments

The Foreign Business Act restricts foreigners from engaging in certain business activities unless permission is granted. The law shapes how foreign buyers can acquire Thai companies and which business activities require prior approval.

Foreign investment incentives and exceptions may be available through the Board of Investment (BOI), which can streamline approvals in certain sectors.

Civil and Commercial Code and Debt Financing

The Civil and Commercial Code governs contracts, loans, guarantees, security interests, and enforcement. It provides the baseline for debt financing agreements, collateral structures, and remedies in Thailand.

When financing involves Thai assets or local guarantors, counsel will align loan documents with Thai contract law and security interests to ensure enforceability.

Trade Competition Act B.E. 2562 and antitrust considerations

This Act empowers the Trade Competition Commission to review mergers and acquisitions for anti-competitive effects. Large deals may trigger a mandatory assessment or approvals to prevent market concentration.

Advisers help structure the deal to minimize anti-competitive concerns and optimize conditions for clearance.

Sources and reference materials: you can review the statutory texts and current implementations on official Thai government resources and the SEC website as primary references for regulatory compliance.

4. Frequently Asked Questions

1. What is the difference between a stock purchase and an asset purchase in Thailand?
2. How do I start a due diligence process for a Thai M&A deal?
3. What is a tender offer and when is it required by Thai law?
4. What documents are typically needed to obtain foreign ownership approval?
5. How long does regulatory approval take for a Thai acquisition?
6. Do I need a Thai lawyer if the target is a listed company?
7. What are typical costs for hiring a lawyer in an M&A transaction?
8. Can a debt financing agreement be secured against Thai assets?
9. What are common pitfalls in cross-border acquisitions in Thailand?
10. What is the role of the Department of Business Development in M&A?
11. What due diligence items are essential for tax and employment obligations?
12. How does the Foreign Business Act affect my ability to own a Thai company?

5. Additional Resources

1. Securities and Exchange Commission Thailand - sec.or.th - regulator of capital markets, Takeover Rules, and disclosures for listed companies
2. Krisdika Thailand (Department of Legal Execution and Official Gazette portal) - krisdika.go.th - official sources for Thai laws and statutory texts
3. Department of Business Development, Ministry of Commerce - dbd.go.th - company registration, business license considerations, and corporate structure guidance

6. Next Steps

1. Define your deal objectives and budget - Clarify whether you pursue a stock or asset purchase and set a realistic cap for fees and closing costs. Timeline: 1-2 weeks.
2. Engage a Thai M&A law firm or legal counsel - Select counsel with experience in cross-border transactions and debt financing in Thailand. Timeline: 1-3 weeks to shortlist and sign retainer.
3. Execute non-disclosure and initial term sheet - Prepare a confidentiality agreement and a non-binding term sheet outlining price, structure, and conditions. Timeline: 1-2 weeks.
4. Perform due diligence and risk assessment - Conduct corporate, tax, employment, financial, and regulatory due diligence with your counsel. Timeline: 4-6 weeks.
5. Draft and negotiate key documents - Draft share purchase agreements, asset purchase agreements, financing documents, and regulatory disclosures. Timeline: 3-6 weeks.
6. Obtain regulatory approvals - Secure approvals from authorities such as SEC for listed targets and relevant foreign ownership permissions. Timeline: 6-12 weeks depending on flow of approvals.
7. Close and implement integration plan - Complete legal closing, transfer shares or assets, and begin post-merger integration. Timeline: 2-4 weeks post-approval.