Shares in PT Visi Media Asia Tbk, controlled by the politically connected Bakrie family, jumped as much as 20.4 percent on Monday after the company received takeover proposal from Indonesia-based CT Corp.
Indonesia's fifth-richest man Chairul Tanjung, through his holding vehicle CT Corp, proposed to buy a controlling stake in Visi Media valued at up to $1.8 billion in an all-cash deal that would give him the lion's share of the TV advertising market in Southeast Asia's biggest economy.
In February, the Bakrie family was said to have been in talks with local bidders, including MNC Group, CT Corp and PT Elang Mahkota Teknologi, to sell a 51 percent stake in Visi Media to help finance a plan to buy back its coal assets Bumi Resources from London-listed Bumi Plc.
Visi Media shares were up 16.67 percent at 630 rupiah as the highest traded volume of the day, outperforming the broader Jakarta Composite Index's 0.1 percent rise.
1037 (0337 GMT)