MAPI Announces Plan for Mandatory Tender Offer at Rp1,550 per Share, What is the Premium Percentage?
PT Mitra Adiperkasa Tbk (MAPI) has announced plans for a mandatory tender offer (MTO) following a change in the company’s control. This information is significant as the MTO price is set at Rp1,550 per share, which is above the last market price and the historical average trading price.
Based on disclosures to the Indonesia Stock Exchange (BEI) and the Financial Services Authority (OJK) dated 8 May 2026, the new controlling shareholder, Pacific Universal Investments Pte. Ltd., has stated that the MTO will be conducted through Samudra (Investment) Pte. Ltd. and Ocean Continuum Pte. Ltd.
The mandatory tender offer price is set at Rp1,550 per share, approximately 6.5% above MAPI’s closing price of Rp1,455 on 8 May 2026. This value is also around 22% higher than the average trading price of MAPI shares over the 90 days prior to the transaction, which was Rp1,274 per share.
The planned mandatory tender offer follows Pacific Universal’s completion of the acquisition of 51% of MAPI’s shares, amounting to 8.466 billion shares. The acquisition price was recorded at Rp1,395 per share, with a total transaction value of approximately Rp11.81 trillion. The company has stated that this corporate action will have no negative impact on operations or business continuity. MAPI is an issuer in the retail, cafe, and restaurant sector.
Mandatory Tender Offer Attracts Market Attention
A mandatory tender offer is an obligation for the new controlling shareholder to provide public shareholders with the opportunity to sell their shares in accordance with the provisions of POJK No. 9/POJK.04/2018. The MTO price and its differential from the market price are of interest to investors in assessing the transaction’s valuation and the market’s response to the change in control.
The new controlling shareholder mentioned that collaboration with CVC Capital Partners will support the development of the MAPI group business in Indonesia and Southeast Asia. CVC previously also held investments in PT MAP Aktif Adiperkasa Tbk. This transaction structure reflects the interest of global institutional investors in Indonesia’s retail sector.
MAPI shares closed up 12.36% at Rp1,455 on trading on 8 May 2026, approaching the mandatory tender offer price level of Rp1,550 per share. The market will monitor the official MTO implementation schedule as well as developments in the company’s business strategy following the change in control.
Summary of MAPI Mandatory Tender Offer