Conoco closes initial tender offer for Gulf Indonesia shares
Monday, July 22 2002 - 03:18 PM WIB
Prior to the expiration of the initial offering period, 17,959,400 shares of Gulf Indonesia were tendered in the offer and not properly withdrawn, including 1,430,297 which represented approximately 73.5 percent of the total number of outstanding shares of Gulf Indonesia not owned by Conoco Canada, the statement said.
Prior to Conoco?s tender offer, it held 72 percent of Gulf Indonesia?s shares which is listed in the New York Stock Exchange.
The statement said that Conoco Canada had also announced that it has commenced a subsequent offering period with respect to its offer, which would expires at 6:00 p.m. New York time on July 30, 2002, unless extended. Shareholders of Gulf Indonesia who tender their shares during the subsequent offering period will receive the same U.S.$13.25 per share cash.
If until the second round offer Conoco Canada is unable to acquire at least 90 percent of the shares of Gulf Indonesia not already owned by Conoco Canada, the second-step transaction is expected to occur 60 to 90 days after the expiration time, but if it succeed to acquire at least 90 percent, the second-step transaction will be in the form of a compulsory acquisition and is expected to occur very shortly after the expiration time, said the statement.
In either case, holders of shares of Gulf Indonesia who do not tender their shares will receive the same U.S.$13.25 per share, without interest, in the second-step transaction unless they exercise dissent rights.
Gulf Indonesia Resources Limited, headquartered in Jakarta, is currently Indonesia?s top non-LNG gas producer with assets spanning from South Sumatra to East Java. (alex)