Cokal receives Cakra bidder?s statement

By Romel S. Gurky

ASX-listed coking coal mining firm Cokal Limited announced Monday it has finally received a Bidder's Statement from IDX-listed PT Cakra Mineral Tbk in relation to its offer to acquire all of the shares in Cokal.

Cokal said in a statement that Cakra is offering a choice of:
? (all cash consideration) A$0.16 per Cokal share; or
?(all share consideration) 10.327 Cakra shares for every 1 Cokal share; or
? (mix of cash and share consideration) a combination of cash and Cakra shares.

Cokal said the offer, however, is subject to Indonesian regulatory approval and to Cakra raising approximately US$113 million by way of a rights issue.

?The Directors will review the Cakra Bidder's Statement in detail and will issue a Target's Statement in response to the Cakra Bidder's Statement which will provide information to assist shareholders decide how to respond to the offer,? said Cokal, which is developing a coking coal project in Central Kalimantan.

Editing by Reiner Simanjuntak