Apr 13, 2011

Vallar sets Berau tender offer at Rp540

Vallar Investments UK Limited, British-based investment holding company, today announced a proposed tender offer over 3.40 billion shares of PT Berau Coal Energy Tbk (BRAU) at a price of Rp540 or total of Rp1.84 trillion.
Stated in the official announcement on the tender offer today, the tender offer is supposed to fulfill Capital Market Watchdog’s regulation on taking over a public company.
On last Friday, Vallar had completed to acquire 75% shareholding of Berau Energy or equivalent to 26.18 billion shares from PT Bukit Mutiara at a price of Rp540 a share. Previously, Bukit Mutiara, owned by Recapital Advisors with its ultimate shareholders Indonesian businessmen Rosan P. Roeslani and Sandiaga Uno, controlled 90% of Berau Energy shares.
The tender offer price was higher than average price of highest daily shares traded in Indonesia Stock exchange for a period of 90 days before the taking over action of Berau Energy was announced on November 18,2010. The share of Berau Energy was traded higher by 1.85% to Rp550 per share this afternoon.
Disclosure: No position at the stock mentioned above.

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