Media Nusantara subsidiary owns 57.1% of Linktone following tender offer, share subscription

By Lisa Kerner

Charlotte, N.C., April 3 - PT Media Nusantara Citra Tbk and MNC International Ltd., a Media Nusantara indirect wholly owned subsidiary, announced the final results of their cash partial tender offer for Linktone Ltd. that ended March 26.

The depositary for the tender offer reported that 15,429,603 American Depositary Shares and 11,780 ordinary shares were validly tendered and not withdrawn, according to a Media Nusantara news release. Each ADS represents 10 ordinary shares.

MNC International has accepted for payment 6 million ADSs - treating each ordinary share as one-tenth of an ADS - at a price of $3.80 per ADS and $0.38 per ordinary share in cash.

Media Nusantara said the resulting proration factor is some 38.88% of the number of ADSs and ordinary shares tendered, with adjustments to avoid purchases of fractional ADSs or fractional ordinary shares.

In addition, MNC International announced it completed the subscription for 180 million newly issued ordinary shares of Linktone on April 3 as planned under Media Nusantara's agreement with Linktone.

The Media Nusantara subsidiary now holds 57.1% of Linktone's total outstanding ordinary shares, calculated on a fully diluted basis, the release said.

Linktone said Media Nusantara's nominees were elected to Linktone's board. Linktone shareholders approved the acquisition in January.

The completion of Media Nusantara's investment and the increase in Linktone's cash balance by $68.4 million will allow the company to "aggressively implement" its cross media strategy in China and other Southeast Asian markets, a Linktone news release said.

In February, Media Nusantara extended its tender offer for Linktone to midnight ET on March 26 from March 12.

Media Nusantara Citra, an integrated media company based in Jakarta, Indonesia, previously said it will finance the purchase using its available cash and cash equivalents.

Linktone is a wireless interactive entertainment services provide located in Shanghai.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.