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)