Pikko Land Corporation, British Virgin Island-based company, focusing in the property business, has acquired 9.16 billion shares in PT Royal Oak Development Asia Tbk (RODA).
The acquisition, representing 68.01% shareholding in Royal Oak, has been conducted on September 7 2011, said an official statement published today. Pikko Land will set the acquisition as a strategic path to develop property business in the urban areas.
However, Pikko Land hasn't disclosed yet the acquisition price. Usually, a buyer of public listed companies proposes the same level of the acquisition with tender offer price.
Tender offer at Rp175
Referring to the regulation of IX.H.1, Pikko Land will hold a mandatory tender offer in a bid to buy the remaining shares of Royal Oak from public shareholders at the proposed price of Rp175 per share.
If the acquisition price has been held at Rp175, Pikko Land has bought Royal Oak at Rp1.60 trillion, a 22.22% discount from yesterday closing level at Rp225 per share.
Disclosure: No position at the stock mentioned above.
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