JAKARTA – Compagnie Générale des Établissements Michelin (CGEM) or Michelin has announced an extension of its voluntary tender offer for PT Multistrada Arah Sarana Tbk (MASA).

This corporate action is part of MASA's plan to go private. Initially, the tender offer was scheduled to conclude on 19 February 2025.

"The extension of the Voluntary Tender Offer period will begin at 08:30 WIB on 20 February 2025 and will continue until 16:00 WIB on 14 March 2025," MASA management revealed in an announcement to the Indonesia Stock Exchange (IDX) on Wednesday (19 February 2025).

As of 10 February, approximately 26 million shares had been registered in the tender offer, representing 78% of the 33.2 million shares Michelin targeted for this corporate action.

MASA has set the voluntary tender offer price at IDR 8,400 per share. According to the updated schedule, payment for the shares tendered during the extension period will be made on 26 March 2025.

As reported by IDXChannel, MASA management warned that shareholders who do not participate in the tender offer could see their shares valued at only IDR 1,898 per share, as per the assessment of an independent appraiser. (DH/ZH)