Dec 14, 2010

Titan Corp sets Rp132/share tender offer

Titan International Corp Sdn Bhd today launches a 9.6% stake or 534.13 million tender offer for PT Titan Kimia Nusantara Tbk (FPNI) at Rp132 per share, not far from I wrote at an article titled Titan Kimia, mysterious tender offer on November 14. 
In the prospectus of tender offer published today, the tender offer period will commence on December 14 to 20 and payment is scheduled on January 3 2011.
Referring to the announcement, the tender offer price at Rp132 per share represents the highest average price during 90 trading days at Indonesia Stock Exchange before the announcement published on November 11 2010. The price is based on the calculation during the period of August 13 2010 to November 10 2010.
Titan International has mandated PT Bahana Securities as brokerage for tender offer.

Disclosure: No position at the stock mentioned above.

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