Aug 19, 2010

Kingsford unveils Kageo tender offer

PT Kingsford Holdings today announces a tender offer for 309.65 million of remaining shares in publicly listed PT Kageo Igar Jaya Tbk at Rp185 per share.
In a public announcement today, considering the tender offer price, Kingsford will spend Rp57.29 billion in cash to buy Kageo's remaining shares from public share holders.
The tender offer will be held by Kingsford in order to comply regulation of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) No. IX. F.1 on Tender Offer.
The price of tender offer is 23% premium over avegare of Kageo's shares price in 90 days before Kingsford announced the acquisition.
Kingsford has accomplished Rp112.86 billion acquisition deal of 58.10% stakes in publicly listed Kageo Jaya on August 12 2010.
The acquisition acomplishment is in line with a condisitional sale and purchase agreement signed between Kingsford and Kageo's seller PT Kalbe Farma Tbk (KLBF), publicly listed pharmaceutical producer, on July 19 2010.
Kalbe President Director Irawati Setiady said based on the agreement, Kingford agreed to acquire 610.06 million shares in Kageo at Rp185 per share.
"The shares sale is hopefully to sharpen Kalbe's focus to its core business on production, marketing, product distribution, or healty services, she said in the statement

Disclosure: No position at the stock mentioned above.

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