Apr 5, 2011

Indosiar tender offer at Rp900-Rp1,040

PT Elang Mahkota Teknologi Tbk (Emtek), parent company of Surya Citra Televisi and O'Channel TV, today announced a tender offer of the remaining shares of television operator PT Indosiar Karya Media Tbk at the price range of Rp900-Rp1,040 per share.
The tender offer will be held after Emtek completes the acquisition of 27.42% shareholding or 551.71 million shares in Indosiar at Rp900 per share.
In total, Emtek requires IDR2.03 trillion in financing to underpin the takeover and the tender offer. The actions are expected to convey Emtek becoming a leading broadcasting group of company in Indonesia.
In a prospectus published today, Emtek, controlled by Eddy Sariaatmadja and his younger brother Fofo Sariaatmadja, is keen to acquire 27.42% shareholding or 551.71 million shares in Indosiar from PT Prima Visualindo, a company controlled by Indonesian tycoon Anthoni Salim, owner of Salim Group, and set the tender offer for 1.47 billion shares of Indosiar from public shareholders.

Disclosure: No position at the stock mentioned above.

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