Feb 23, 2011

Indoexchange tender offer set in March

Malaysian company Equatorex Sdn Bhd sets a tender offer for 80.12 million shares or 29.69% of total capital paid in PT Indoexchange Tbk during a period of March 17-March 23 2011.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, Equatorex intends to buy the remaining shares owned by public  holders at Rp130 per share, representing Rp10.42 billion. 
About 70.31% stake or 189.74 million shareholding in Indoexchange, a company providing Internet, technology information services, seaport, transportation, and logistic advisory, was acquired by Equatorex from Integrax Berhad. In return, Equatorex has been controlling shareholder in Indoexchange since February 11 2011, enabling Equatorex to set the tender offfer. 
The tender offer price is higher than Indoexchange's average price during 90 trading days before the takeover announcement.

Disclosure: No position at the stock mentioned above.  

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