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Link Net slashes block with 90% allotted to top bidders
The shareholders offloading some of their stakes in Indonesia’s Link Net raised Rph5.5tr ($455m) on October 24 via a deal that saw a big chunk of the book go to cornerstones and the top 10 investors. Despite the presence of a strong set of cornerstones, the final deal size was truncated by more than 30% due to poor investor sentiment.
Private equity firm CVC Capital Partners and cable operator First Media, along with two other minority shareholders, sold 912.8m shares at Rph6,000 a share on October 24, in a deal which faced a big challenge from the softening market environment.
The sellers originally offered 1.2bn shares at a price ...Already a subscriber? Login
