Acquisition of Nobu: An Attempt to Steal OVO-DANA Merger Spotlight?

Lippo Group's retail company, PT Matahari Department Store Tbk (LPPF), has purchased 728 million shares of PT Bank National Nobu Tbk (NOBU) or the equivalent of 16.4 percent of the value of NOBU's paid-up capital at a price of Rp 755 per share. The total acquisition value reached Rp 549.64 billion.
In the disclosure of information, Matahari revealed that the transaction would occur in three stages. The first one would take place on November 4, 2020, totaling up to 65 million shares. The second phase would be on November 11, totaling 199 million shares, while the last one would occur on December 28, totaling 198.30 million shares.
"The third stage will take less time than the previous one based on the company's policies. All stages are one set under the transaction disclosed in this disclosure of information," Matahari management revealed in a written statement during an information disclosure on Thursday (11/5).