Vallar Plc to hold mandatory tender offer for the remaining stake in PT Berau Coal Energy Tbk (BRAU) at Rp540 per share.
The tender offer will be triggered upon transfer of the registered title to the Berau shares to Vallar by Bukit Mutiara, which is expected to take place on or around 8 April 2011 after the expiry of Berau Coal Energy lock-up pursuant to which Mutiara is restricted from transferring its holding of Berau shares until 7 April 2011.
Prior to the release of the lock‑up, with effect from the initial Berau closing (which is expected to occur on or around 18 November 2010), Vallar will hold an indirect economic and voting interest in Berau through arrangements entered into with Mutiara. Completion of the Berau Transaction will take place on, or shortly after, the expiry of the BCE Lock-up
Disclosure: No position at the stock mentioned above.
Print This Article