Indonesian firm makes A$70m offer for Cokal
PERTH (miningweekly.com) – Coal developer Cokal has received an unsolicited nonbinding and incomplete offmarket takeover offer from Indonesia’s PT Cakra Mineral Tbk (CKRA).
Cokal said on Tuesday that CKRA was offering to acquire all the issued securities in the company for either cash or its own shares.
Under the first offer, Cokal shareholders would receive 15c in cash for each share held, valuing the company at A$70-million. Alternatively, CKRA would settle the transaction in its own shares, at an implied consideration of 19c a share.
The takeover offer would be subject to a 90% minimum acceptance condition, as well as other customary conditions.
Prior to the offer being made, CKRA would conduct a due diligence on Cokal, and would finalise its funding arrangements for the cash component of the offer.
Cokal said that the company had not formed any opinion on the proposal, but said that it would engage with CKRA to evaluate the proposal.
Cokal was currently developing its Bumi Barito Mineral coal project, in Indonesia.
The feasibility study estimated that a capital investment of $75-million would be required to build the operation. Based on the current resource of 266.6-million tonnes, the project would have an estimated life of ten years.
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