Feb 4, 2011

Cargill to hold tender offer for Sorini

PT Cargill Foods Indonesia today announced the tender offer plan over 137.03 million shares of PT Sorini Agro Asia Corporindo Tbk that was still owned by public at Rp3,500 per share. In calculation, Cargill Foods requires Rp479.61 billion to finance such tender offering.
In the official announcement published today, Cargill Foods, a subsidiary of Cargill International Luxembourg 6 S.a.r.l., is obliged to hold a tender offer after the company acquired 85.01% shares or 777.23 million shares of Sorini Corporindo from PT AKR Corporindo Tbk and UOB Kay Hian Private Limited. Such corporate action was agreed on 15 December 2010.
The tender offer price is higher than the average of highest daily trading price of IDR2,783 for each Sorini Corporindo’s share in Indonesia’s Stock exchange in the last 90 days subsequent to the acquisition announcement on 15 December.

Disclosure: No position at the stock mentioned above. 

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