Axiata, Sinar Mas Merge Indonesia Units in $6.5 Billion Deal [Yahoo! Finance Canada]
PT XL AXIATA TBK ADR (PTXKY)
NASDAQ:AMEX Investor Relations:
xlgroup.com/xl-investor-relations
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The owners of PT XL Axiata and PT Smartfren Telecom said the transaction would take effect on April 15, with the former being the surviving entity and changing its name to XLSmart Telecom Sejahtera, according to disclosures Wednesday. The disclosures confirmed a Bloomberg News report Monday that the companies were nearing an agreement and could announce a deal this week. The agreed merger price for XL is 2,350 rupiah per share. Smartfren investors will be eligible for 0.011 XL share for every Smartfren share they own. XL's shares closed 2.2% lower on Wednesday in Jakarta — the steepest drop in a month — to 2,240 rupiah. Trading of parent Axiata's shares in Malaysia was suspended and will resume Thursday. As part of the merger, Sinar Mas will acquire an additional 13.1% stake in XLSmart from Axiata at a cash consideration of up to $475 million, with $400 million to be paid at the completion of the merger and the remainder at the end of the first year
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