Unilab Unit Makes Tender Offer For Rest of Indonesian Firm

First posted 10:10:41 (Mla time) October 17, 2006
Xinhua Financial News Service

JAKARTA -- United Laboratories Group unit Blue Sphere Singapore Pte is making a tender offer to buy the remaining 7.3 percent stake that it does not own in Indonesian pharmaceutical firm PT Darya Varia Laboratoria at 2,200 rupiah per share.

Darya said in a published announcement that the offer price was a 40.1 percent premium to its highest share price over the past 90 days, and a 12 percent premium to the highest price recorded over the past two years.

The offer price also represents a 76.8 percent premium to Darya's fair value as recommended by an independent appraisal company.

Blue Sphere is making the tender offer as part of its plan to delist Darya from the Jakarta Stock Exchange (JSX) and to take the company private.

The plan is subject to the approval of Darya's independent shareholders at a meeting on Nov. 21.

Darya said the privatization plan is in line with the strategy and status of the Philippines' Unilab Group, the controlling shareholder of Blue Sphere, as a family company.

Moreover, it said trading of its shares on JSX has been illiquid, making it difficult for shareholders to benefit from its listing.

($1= 9,205 rupiah)