LONDON--Two units owned by the Indonesian congolomerate Bakrie
Group said Wednesday that they have lodged a separate complaint
with the U.K. Takeover Panel regarding financier Nathaniel
Rothschild's conduct during the original reverse takeover in 2010
that he helped orchestrate in order to create Bumi PLC
(BUMI.LN).
MAIN FACTS:
-PT Bakrie & Brothers Tbk (BNBR.JK) and Long Haul Holdings
welcome the U.K. Takeover Panel's (TOP) ruling that no fault is
ascribed to either unit and no mandatory offer for Bumi is
required.
-Bakrie Group welcomes the TOP's decision to undertake a
separate investigation into why it was not previously made aware of
arrangements and relationships that form the basis of TOP's concert
party ruling.
-Bakrie Group notes that had the TOP initially been able to rule
as to whether there was a concert party in 2010, it would have
sought a Rule Nine waiver. Instead the Bakrie Group says it is now
disadvantaged due to a structure Nat Rothschild creat.
-Bakrie Group has lodged a separate complaint to the U.K.
Takeover panel on Dec. 14 regarding the conduct of Mr. Rothschild
during the original reverse takeover.
-LHH said it remains focused on progressing its proposal to
separate from Bumi PLC for the benefit of all shareholders.
Write to Alex MacDonald at alex.macdonald@dowjones.com
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