Aug 24, 2010

Bukopin acquisition, tender offer?

PT Bank Rakyat Indonesia Tbk (BRI) stocks today jumps 12.50% to IDR720 per share on acquisition story that the bank will buy 51% stakes in PT Bank Bukopin Tbk, creating speculation of tender offer. 
A stock trader said investors are frenzy to collect Bukopin stocks. "The stocks jump is spurred by BRI acquisition," he said.  
BRI President Director Sofyan Basir yesterday said the bank aims to buy 51% stakes in Bank Bukopin using unused proceed from subordinated bonds issuance worth IDR2 trillion.
He said if Bukopin acquisition is completed, BRI may consider a merger option between Bank Bukopin and PT Bank Agroniaga Tbk. 

Disclosure: No position at the stock mentioned above.

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