(Reuters) -The boards of Thai mobile carriers Advanced Info Service and Thaicom have asked shareholders to reject offers to acquire both the firms.

In July 2024, power producer Gulf Energy Development, the largest shareholder of Thaicom, and Intouch Holdings, which controls Advanced, announced their intent to merge to create a new company for maximizing benefits for both the firms and improving operations and investments.

A merger of Gulf and Intouch, already approved by shareholders of Thai billionaire Sarath Ratanavadi's power company, would create a new entity valued at 1.037 trillion baht ($30 billion).

Sarath has a net worth of $15.1 billion according to Forbes and is the country's fifth richest person.

Gulf owns about 47.4% stake in Intouch, followed by Singapore Telecommunication (Singtel) which has an around 25% interest.

Gulf has a joint venture with Singtel and Advanced to set up data centres locally and is expected to begin operations this year.

A tender offer was launched for Advanced, by Gulf Energy, Intouch and Singtel, valuing the firm at 216.30 baht per share, with the offer later being lowered to 211.43 baht.

Advanced said its financial adviser found the revised price to be lower than its estimated valuation range of 229.55 baht to 285.70 baht.

Shares of Advanced closed 1.1% higher at 290 baht apiece on Thursday.

Wattana Punyawattanakul, an equity analyst at TISCO Investment Advisory had expected in July last year that Advanced would emerge as the clear beneficiary from the proposed merger, with investors likely to shift to the company from Intouch.

As part of the restructuring, a similar tender offer was launched, under which, Gulf Energy, Intouch and Sarath offered to buy 58.9% of Thaicom at 11 baht apiece.

Thaicom said its rising stock price since the merger announcement is the primary reason it is asking shareholders to vote against the deal.

Its shares ended flat at 12.3 baht on Thursday.

Gulf Energy, Intouch and Singtel did not immediately respond to a Reuters request for comment.

($1 = 34.5700 baht)

($1 = 1.3671 Singapore dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala and David Evans)

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