May 5, 2011

Bank Agro cash offer set at Rp182/share

State-owned PT Bank Rakyat Indonesia Tbk (BRI), the country’s largest bank by lending, announced a tender offer of 341.99 million shares of PT Bank Agroniaga Tbk at Rp182 or 2.24% higher than market price.
Bank Agro was traded in Jakarta Composite Index at Rp178 per share this morning. PT Bahana Securities has been named by BRI to arrange the tender.
This tender offer is extended for the remaining shares of Bank Agro owned by eligible public shareholders in accordance with regulation of public shareholder.  The tender is following a 88.65% stake acquisition of Bank Agro by BRI from Dana Pensiun Perkebunan (Dapenbun) on March 3 2011 for Rp330.30 billion.  

Disclosure: No position at the stock mentioned above.

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