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"[ABSTRAKPengambilalihan perusahaan Warrnambool Co., salah satu perusahaan pengolah susu terbesar di Australia, oleh Saputo Inc., sebuah perusahaan susu yang berbasis di Kanada, menarik banyak perhatian publik di Australia, dikarenakan proses pengambilalihannya yang sengit dan penuh dengan kejadian tidak terduga akibat adanya perebutan dengan dua perusahaan Australia lain yaitu Murray Goulburn Co-operative dan Bega Cheese. Tujuan dari laporan ini adalah untuk menganalisa prosedur akuntansi dari pengambil alihan Saputo terhadap Warrnambool Co. dan membahas isu-isu relevan yang terjadi saat dan setelah merger.

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ABSTRACTThe takeover of Warrnambool Co., one of the largest Australian dairy company, to Saputo Inc., a Canadian-based dairy company, drew much public attention in Australia, as the takeover battle was fierce and full of unpredictable turns with two Australian dairy processors namely Murray Goulburn Co-operative and Bega Cheese competing against Saputo, which make an interesting case. The purpose of this report is to analyze the accounting process of Saputo acquisition over Warrnambool Co. and discuss some relevant issues that happened during and after the takeover.;The takeover of Warrnambool Co., one of the largest Australian dairy company, to Saputo Inc., a Canadian-based dairy company, drew much public attention in Australia, as the takeover battle was fierce and full of unpredictable turns with two Australian dairy processors namely Murray Goulburn Co-operative and Bega Cheese competing against Saputo, which make an interesting case. The purpose of this report is to analyze the accounting process of Saputo acquisition over Warrnambool Co. and discuss some relevant issues that happened during and after the takeover.;The takeover of Warrnambool Co., one of the largest Australian dairy company, to Saputo Inc., a Canadian-based dairy company, drew much public attention in Australia, as the takeover battle was fierce and full of unpredictable turns with two Australian dairy processors namely Murray Goulburn Co-operative and Bega Cheese competing against Saputo, which make an interesting case. The purpose of this report is to analyze the accounting process of Saputo acquisition over Warrnambool Co. and discuss some relevant issues that happened during and after the takeover., The takeover of Warrnambool Co., one of the largest Australian dairy company, to Saputo Inc., a Canadian-based dairy company, drew much public attention in Australia, as the takeover battle was fierce and full of unpredictable turns with two Australian dairy processors namely Murray Goulburn Co-operative and Bega Cheese competing against Saputo, which make an interesting case. The purpose of this report is to analyze the accounting process of Saputo acquisition over Warrnambool Co. and discuss some relevant issues that happened during and after the takeover.]"

"This paper conducts event studies on two of the most important events in recent history of Korean M&A market, to examine which firms were regarded more vulnerable to hostile takeover."

"ABSTRAKSkripsi ini membahas masalah aksi go public melalui backdoor listing. Go Publicmerupakan keinginan hampir seluruh perusahaan privat karena perusahaanmembutuhkan modal untuk memperluas usahanya dengan tujuan meningkatkankeuntungan. Opsi pendanaan perusahaan, salah satunya adalah melalui listing diPasar Modal karena jauh lebih menguntungkan dari pada mengajukan kreditperbankan atau alternatif pembaiayaan lain. Status listed di bursa memberikanbanyak kelebihan, diantaranya (1) akses ke pasar modal dan biaya yang lebihsedkiti; (2) meningkatkan reputasi dan profil perusahaan; (3) likuiditas perusahaanterjamin; dan (4) penggunaan saham untuk membayar akuisisi dan ativitasaktivitaslain. Akan tetapi Initial Public Offering (IPO) sebagai syarat menjadiperusahaan public merupakan proses yang membutuhkan banyak biaya. Ternyataterdapat alternatif cara menjadi perusahaan terbuka tanpa melalui IPO, yaituperusahaan yang sudah listed diakuisisi oleh perusahaan privat. Setelah akuisisi,perusahana privat akan menjadi pengendali perusahaan publik dan secara tidaklangsung menjadi perusahaan publik. Go public dengan cara ini dikenal denganistilah backdoor listing. Di dalam Pasar Modal Indonesia, belum ada pengaturanyang spesifik mengatur backdoor listing sekalipun praktek ini sudah seringdilakukan melalui akuisi dan tunduk pada ketentuan akuisisi perusahaan. Namun,pemotongan prosedur IPO tetap membutuhkan pengaturan lebih lanjut lagiterutama pengaturan yang mengatur keterbukaan informasi untuk melindungiinvestor.

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AbstractThis thesis concerning on going public by backdoor listing. Going Public is thedream of many private companies because they need to raise capital to expandtheir business for raising much profit. Fundind options to company for raisingcapitals, one of many options is by listed in capital market because it is moreprofitable for gaining investors than propose credit to the bank for financing, orothers alternative funding. The listing status brings a lot of advantages to thecompany. Some of the advanteges include (1) access to capital markets and lowercost of capital; (2) enhanced company reputation and profile; (3) providingliquidity for owners to cash out; and (4) use of stock to pay for acquisitions, andetc. However going public by Initial Public Offering (IPO) is also costly processand alternative routes for going public are also available. It is called backdoorlisting. Backdoor listing is a technique in which public company is acquired byprivat company as the public company is the shell or defunct company. As aresult, the private company becomes public by obtaining control of the publiccompany. In Indonesian capital market, there are no specific regulationconcerning on backdoor listing activity even though this practice is often donethrough the acquisition and subject to the provisions of company acquisition.However, it cuts IPO procedures and still requires further regulation, especiallyregulation concerning on disclosure information to protect investors."

"Skripsi ini membahas mengenai aksi backdoor listing untuk mendapatkan akses menuju pasar modal di Indonesia. Dari sekian banyak pilihan pendanaan yang ada, salah satu yang paling efektif adalah dengan melakukan initial public offering (IPO) atau Penawaran Umum Perdana. Dengan melakukan Penawaran Umum emiten akan mendapatkan kemudahan dalam bidang pendanaan dan publikasi. Di sisi lain, proses IPO juga memiliki kekurangan, seperti berkurangnya porsi kepemilikan saham dan kewajiban memenuhi dokumen keterbukaan sebagai konsekuensi sebagai perusahaan terbuka. Cara lain untuk masuk ke pasarmodal selain IPO, yaitu dengan mengakuisisi perusahaan terbuka dan selanjutnya melakukan restrukturisasi perusahaan, tindakan ini diistilahkan sebagai backdoor listing.

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This thesis concerning in backdoor listing action to obtain access into capital market in Indonesia. From many option to finance a business, issuing company shares to public could be effective way in an Initial Public Offering (IPO). With IPO, company will obtain advantages in capital raise and publication. On the other hand, an IPO process has risk, such as reduction of company ownership and full disclosure as the consequences of becoming public company. Another way to obtain access to capital market beside of an IPO, that is to acquire a listed company and restructure the company named backdoor listing."

"Penelitian ini membahas tentang dampak pengalihan saham pada perusahaan tambang terhadap Izin Usaha Pertambangan (IUP). Dilakukannya penelitian ini berkaitan dengan adanya pasal dalam Undang-Undang No. 4 tahun 2009 tentang Pertambangan Mineral dan Batubara yang melarang adanya pengalihan IUP. Larangan pengalihan IUP ini terkait dengan maraknya jual beli izin pertambangan pada masa peraturan pertambangan masih diatur dalam UU No. 11 tahun 1967 tentang Ketentuan-Ketentuan Pokok Pertambangan. Larangan tersebut membuat pengusaha tambang mencari cara bagaimana agar dapat mengalihkan IUP, salah satu cara yang dianggap tidak melanggar Undang-Undang adalah melakukan pengambilalihan saham terhadap perusahaan pemilik IUP. Kemudian muncul pertanyaan apakah jika saham mayoritas perusahaan tambang pemilik IUP beralih, maka kepemilikan atas IUP ikut beralih ke tangan perusahaan pengambilalih? Bagaimana sebenarnya dampak dari pengambilalihan saham tersebut terhadap kedudukan IUP perusahaan yang sahamnya terambilalih. Penelitian ini dilakukan dengan menggunakan metode penelitian yuridis empiris, dimana menggunakan UU No. 4 tahun 2009 dan Undang-Undang No. 40 tahun 2007 tentang Perseroan Terbatas sebagai data primernya.Berdasarkan hasil penelitian, dapat disimpulkan bahwa walaupun 99% saham perusahaan pemilik IUP diambilalih, namum kepemilikan IUP tidak akan ikut beralih, jika kedua belah pihak tidak melakukan proses pengalihan IUP. Proses administrasi dan persyaratan pengalihan IUP dan pengambilalihan saham memiliki caranya masing-masing. Adanya ketidakharmonisan antara peraturan perundang-undangan yang mengatur tentang pertambangan dengan peraturan perundang-undangan yang mengatur tentang perseroan, terutama dalam hal pengambilalihan saham yang membuat penerapan peraturan pengalihan saham pada perusahaan tambang sulit untuk dapat ditaati oleh masyarakat.

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This research examines the impacts of shares takeover in mining company to the Mining Permits. The background of this research is Law of The Republic Indonesia Number 4 of 2009 concering Mineral and Coal Mining. This regulation prohibits transfer of Mining Permits. The prohibition is related to the raise of the sale and purchase of mining permits when the regulation of mining was still regulated in Law of The Republic Indonesia Number 11 of 1967 concering Basic Provisions of Mining. This prohibition has caused mine operators to look for the solution to transfer the Mining Permits. One of the solutions is buying shares from a company that has Mining Permits. This solution is regarded as the way out that does not infringe the regulation. This research background led to these following research questions: if the majority shares of a company that holds Mining Permits was taken over by another company, is the ownership of Mining Permits also transferred to the acquiring company? What are the impacts of this shares takeover to the Mining Permits that is hold by old company (that holds Mining Permits)? This research uses juridical and empirical methods. The Law Number 4 of year 2009 and Law Number 40 of year 2007 on limited company are used as primary sources.The outcome of this research indicates that although 99% of shares is taken over, the ownership of Mining Permits would not be transferred if two parties do not conduct the Mining Permits transfer process. Moreover, the administration process and transfer requirement of Mining Permits and the takeover of the shares have their own ways. Finally, the disharmony between the mining regulation and limited company regulation is occurred, especially in regulating shares takeover that makes implementation of takeover regulation on mining company difficult to be obeyed by society."

"ABSTRAKSebagai bagian dari kelulusan mata kuliah, saya diharuskan untuk mengumpulkan laporan atas hasil telaah transaksi pengambilalihan antara perusahaan Norton Gold Fields Ltd (NGF) dan Bullabuling Gold Ltd (BAB). Tujuan dari laporan ini adalah untuk menyediakan rangkuman transaksi pengambilalihan dari sisi kedua perusahaan ini dan menganalisa informasi-informasinya.Rangkumannya menjabarkan transaksi akuisisi antara NGF dan BAB secara singkat, disertai dengan nilai akuisisi nya yang diambil dari laporan keuangan perusahaan juga laporan pengambilalihan. Selanjutnya, analisis tentang informasi pengambialihannya adalah sebagai berikut: kerugian dan keuntungannya, alasan untuk menerima dan menolak penawaran akuisisi tsb, nilai yang dibayar dan akan dibayar, dan hak-hak pemegang saham minoritas.

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ABSTRACT

As part of the course's completion, I was required to submit a final report on my findings regarding the takeover transaction between Norton Gold Fields Ltd (NGF) and Bullabuling Gold Ltd (BAB). The purpose of this report is to provide a summary of the compulsory acquisition transaction of both companies and analyse the takeover information.

The summary defines the acquisition transaction of NGF and BAB in brief, together with the amounts that were derived from their financial report and takeover report. Moreover, the analysis of takeover information consists of: the disadvantages and advantages of the takeover, reasons for acceptance or rejection of the bidder offer, value paid or to be paid, and rights of minority shareholders."

"The number of takeover transactions is relatively less compared to other corporate actions bypublicly-listed companies, (e.g. IPOs, rights issues, or material transactions). There is no researchthat explains or contextualizes this fact, but one may speculate that this may be due to (a) the existenceof block-holders in Indonesia’s corporate structure profile (structural barrier) or (b) because itis costly to carry out a takeover in light of the existing Mandatory Tender Offer (MTO) requirements(legal barrier). This article focuses on the latter problem, aiming to address the practical and legalissues pertaining to takeover transactions in Indonesia with respect to the existence of the MTO.Pursuant to the prevailing rule, in a takeover of publicly-listed companies that results in a change ofcontrol, a MTO/mandatory bid requirement must be followed with the potential acquirer making anoffer to purchase all of the remaining shares of the target company according to a certain minimumprice formula. Specifically the article discusses practical and creative strategies that prospectivecontrollers employ to avoid the mandatory bid/MTO requirement, and how these strategies impactthe principle of minority shareholders’ protection.."

"Penelitian ini membahas mengenai efektivitas penerapan Prinsip Tata Kelola Perusahaan yang baik (Good Corporate Governance) atau ‘GCG’ sebagai salah satu upaya restrukturisasi perseroan yang sedang mengalami kondisi finansial yang buruk. Langkah penerapan tersebut juga mencerminkan hubungan indikasi hostile takeover dengan tindakan Dewan Komisaris dalam menerapkan GCG berdasarkan kewenangannya. Peran Notaris dalam mendukung perseroan memenuhi kewajiban administratifnya pun merupakan bagian penting yang tidak dapat diabaikan dalam implementasi GCG pada kasus posisi. Penelitian ini menggunakan metode berbentuk yuridis normatif dengan peninjauan terhadap aspek-aspek hukum pada peraturan perundang-undangan yang berlaku yang terkait dengan penerapan GCG. Tipologi penelitian tesis ini adalah deskriptif sebagaimana penulis menjelaskan dan menjabarkan gambaran objek penelitian secara menyeluruh dan sistematis. Meninjau dari tindakan Dewan Komisaris terhadap Direksi yang tidak melakukan tanggung jawabnya dengan baik, penerapan GCG pada kasus posisi telah efektif dilakukan oleh perseroan sehingga kegiatan usaha perseroan tetap dapat berjalan. Indikasi tindakan hostile takeover juga disimpulkan tidak relevan dengan adanya ketentuan Pasal 125 UUPT dan tidak adanya pengalihan kendali perseroan secara paksa. Kewenangan Dewan Komisaris juga disimpulkan bersifat luas dan untuk kepentingan perseroan secara menyeluruh, tidak terbatas hanya pada ketentuan yang tertera di undang-undang terkait namun tetap di bawah naungan pemegang saham. Guna meningkatkan efektivitas penerapan GCG, dapat disusun peraturan Otoritas Jasa Keuangan yang berlandaskan pendekatan ‘fiduciary duty’ untuk meningkatkan kualitas disiplin, kinerja, dan integritas Direksi terhadap perseroan. Peningkatan frekuensi rapat gabungan organ perseroan juga akan meminimalisir potensi pelanggaran terhadap kepentingan perseroan.

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This research elaborates primarily regarding the effectivity in implementing Good Corporate Governance (GCG) as one of the restructuring actions upon the deteriorating financial condition of the company. The implementation process itself reflects the correlation between the hostile takeover indication and the action of The Board of Commissioners in exercising their authority within the GCG implementation. The role of Notary in supporting the company towards its administrative compliance is also the crucial part which has to be inseparable in the GCG realization within the case study. The writer uses juridical-normative method in producing this thesis within analysis on the stipulated rules and acts pertaining the implementation of GCG. This thesis is rather a descriptive type within the elaboration being made upon the the research object entirely and systematically. Evaluating from the action took by the Board of Commissioners as the Directors did not fulfill their responsibility properly, it can be concluded that the implementation of GCG in order to sustain the company in the case study was a major success. The alleged hostile takeover action apparently is irrelevant as to the stipulation on Article 125 of Indonesian Company Law and the fact that there has never been a control-shifting in the company. The authority of Board of Commissioners too should be perceived more comprehensively, not delimited to the stipulation of Indonesian Company Law but still in the compliance towards shareholders. To enhance the effectiveness in GCG implementation, a stipulation should be established based on ‘fiduciary duty’ principles to improve the quality of disciplinary values, performance, and integrity of the Directors towards the company. The more frequent integrated meeting between Board of Directors and Board of Commissioners would also diminish the potential infringement towards the interest of the company.

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"Pesatnya perkembangan teknologi perangkat pendukung menyebabkan tingginya dinamika industri telekomunikasi. Teknologi dan perangkat baru yang semakin eepat bermunculan menimbulkan semakin pendeknya siklus hidup produk telekomunikasi.Di sisi lain, tingkat persaingan juga meningkat karena dipicu regulasi yang semakin terbuka, ekspansi para pemain besar, dan pendatang bare. Pemain-pemain bare makin banyak bermunculan karena didukung adanya regulasi yang semakin mudah dan skala ekonomi yang makin rendah.Untuk menghadapi tantangan dari luar seperti tersebut di atas maka perusahaan komunikasi data (PT. XYZ) perlu mempersiapkan strategi portfolio usaha. Salah satu alternatif strategi yang bisa dikembangkan adalah strategi akuisisi dalam rangka perluasan portfolio dan sinergi anak perusahaan dalam grup.Dalam memilih bisnis apa yang cocok untuk diakuisisi, PT. XYZ perlu mempertimbangkan kemungkinan sinergi yang bisa dihasilkan dengan anak perusahaan yang diakuisisi. Sinergi yang dapat dilakukan adalah sinergi pasar, sinergi jasa, dan sinergi infrastruktur.Bisnis Internet Service Provider (ISP) dipandang merupakan jenis bisnis yang cocok untuk diakuisisi, yaitu ISP yang kuat penguasaan pasarnya di daerah dan memiliki segmen pasar yang komplementer dengan PT. XYZ.Sinergi pasar dan jasa didasarkan pada pembagian pasar dan pengelolaan jasa berdasarkan kompetensi yang sudah dikuasai. Sinergi infrastruktur didasarkan pada pembagian investasi dan pengelolaan berdasarkan tingkat skala ekonomi yang dimiliki induk maupun anak perusahaan.Untuk menjamin terrealisasinya tujuan sinergi dari akuisisi anak perusahaan, maka diperiukan pengendalian kinerja strategis anak perusahaan dalam jangka menengah - panjang dalam bentuk target-target usaha yang memiliki tingkat goal congruence tinggi dengan strategi korporasi/grup usaha.

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ICT (Infommation, Communication, and Telecommunication) industry has been growing quite rapidly for these decades due to massive innovations in infrastructure technology behind it. New technologies and new products appear more frequently. This condition has been shortening average life cycle of telecommunication products or services.

Market competition, on the other side, has been increasing significantly. Deregulation policy from the government, big companies expansion, and new players entering the market are the drivers of the market competition level. New regulation and less economies of scale has attracted new players from other countries and encourage new players from local to enter the market, aiming at the same market with existing players in the industry.

PT. XYZ as one of incumbent players in Indonesian telecommunication industry, especially data communication industry, has to prepare a strategy to survive and still grows in this dynamic situation. Market competition increase has an immediate impact in the decrease of market share. In order to maintain business growth, PT. XYZ should try to find new growth opportunities. One of the alternatives for PT. XYZ to develop is takeover strategy as a part of business portfolio and synergy within the corporation/group.

The basic question for PT. XYZ would be "what business should they takeover". Business selection should consider strategic synergy that can be built once the takeover has take place. Synergy possibilities for PT. XYZ and its group would be market synergy, service synergy, and infrastructure synergy.

Based on strategic considerations, Internet Service Provider (ISP) viewed as a good line of business to takeover. ISP will have many synergy potentials with PT. XYZ as its parent company. To maximize the synergy, ideal takeover candidate would be an ISP with complementary market penetration with market segments PT. XYZ currently penetrate."