Abacus Capital has bid 52% shares of PT Apexindo Pratama Duta of PR Medco Energi International Tbk at the price of IDR2,450 per unit, the highest bid compared with the other bidders.
But the price is lower than Medco's expectation of IDR2,700 per share. If Medco agrees with the bid, Apexindo will get IDR3.35 trillion.
Abacus has represented Apexindo so that the process has passed management buyout option.
My source said that the bid of Bormindo Nusantara was the second largest, followed with Recapital Investment Bank and Texas Pacific Group (TPG).
Friday, November 23, 2007
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