Aug 20, 2010

Aqua launches Rp371.79 bio tender

Publicly listed mineral water producer PT Aqua Golden Mississippi Tbk (AQUA) today announces a Rp371.79 billion tender offer for the remaining shares owned by public share holders in a bid to delist from Indonesia Stock Exchange.
In a public announcement, Aqua said the company aims to offer a shares buyback at Rp500,000 per share to holders of 743.38 million shares or 5.65% stakes.
The buyback price is 104.25% premium of the highest price of Aqua shares in the market during 90 days before go private announcement on August 20 2010.
The buyback price is also 124.76% above fair value of Aqua shares made by an independent valuer company at Rp222,460 per share.
According to regulation of Capital Market and Financial Insititution Supervisory Agency (Bapepam-LK), a tender offer price must be higher than the highest price of Aqua shares in the market during 90 days before go private announcement today at Rp244,800 per share.
Based on an independent valuer company, a fair value for Aqua shares is Rp222,460 per share.
PT Tirta Investama now controls 94.35% stakes in Aqua, while public share holders own the remaining shares. 

Disclosure: No position at the stock mentioned above.  

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