The transactions took place after ISM’s takeover offer lapsed on June 25, according to a filing by IndoAgri on the same day. In particular, the level of acceptances had lifted ISM’s potential stake to 88.08% in the company, which is short of the 90% threshold at which the company would have lost the necessary shareholding spread to remain listed. As a result, IndoAgri is still listed and traded on the Singapore Exchange.
SINGAPORE (July 8): Dissenting minority shareholders of Indofood Agri Resources are probably rejoicing after the recent failed takeover attempt by controlling shareholder Indofood Sukses Makmur. However, the dust has not settled. ISM appears bent on tightening its grip on IndoAgri — by accumulating the company’s shares on the open market.
On July 1, ISM bought about 56.2 million IndoAgri shares for 32.49 cents apiece. On July 2, 3 and 4, it bought another 8.03 million shares at 32.5 cents each. This raised its direct interest in the company to 7.44%. Together with its deemed interest of 71.51%, ISM now has a total interest of 78.95%.
