PT Cakra Mineral Tbk (JKSE:CKRA) made an offer to acquire Cokal Limited (ASX:CKA) for AUD 89.5 million on March 3, 2015. Under the transaction, PT Cakra Mineral Tbk will pay either in cash or shares. If the consideration is paid in shares, the cash equivalent will amount to AUD 0.19 per share and if the consideration is paid in cash, the offer per share will be AUD 0.15 per share. Proceeds from the transaction will be applied towards partial repayment of the amounts owing by Cokal to Wintercrest Advisors LLC. As of March 3, 2015 directors of Cokal Limited considers the deal as fair and reasonable and advise shareholders to take no action until the right issue is approved. As of April 29, 2015, PT Cakra Mineral Tbk entered into a Bid Implementation Agreement under which CKRA will make a conditional off market takeover bid for all of the shares in Cokal.

Under the Offer, Cokal shareholders will be given the choice of scrip or cash consideration, comprising either 10.327 CKRA Shares for every 1 Cokal Share; or AUD 0.16 per Cokal share. Moreover, all Cokal options will either be exercised, cancelled or surrendered before the end of the offer period and CKRA must offer to acquire or cancel all outstanding Cokal options for at least the set consideration. The cash component of the transaction will be funded by rights issue of AUD 130 million ($100 million) to be undertaken by PT Cakra Mineral Tbk. The transaction will be subject to minimum acceptance by holders of 90% of Cokal's issued shares, due diligence, finalizing funding of cash component, bid implementation agreement and approvals by Indonesian and other Public Authorities to permit the offer, approval by Cakra shareholder and the Board of Cokal recommending its shareholders to accept the offer.

Cokal will be required to pay a breakup fee of AUD 0.25 million to CKRA under certain circumstances, including where Cokal accepts (or Cokal directors recommend) a competing proposal. Similarly, CKRA is required to pay AUD 0.25 million break fee to Cokal if CKRA fail to comply with its obligations. Cakra Mineral has advised Cokal of its intention to proceed without delay and to work towards entering into an implementation agreement within 30 days from date of letter. The offer is expected to close on August 15, 2015. Cokal Limited advised the shareholders not to take any action at this stage. As of June 30, 2015, Cokal Limited has been advised that ASIC has granted PT Cakra Minerals Tpk's an extension to July 13, 2015, for offers to be made under its off market conditional takeover bid for Cokal Ltd. The extension was as a result of delays in preparing the registration statement with the Indonesian Financial Services Authority, Otoritas Jasa Keuangan, require step for approximately $100 million (AUD 130 million) rights issue being undertaken by Cakra Mineral. The bid is conditional upon, amongst other things, Cakra Mineral obtaining all required regulatory approvals in Indonesia, including with respect to the rights Issue. PT Cakra Minerals Tbk expects the due diligence to be completed by July – August 2015. As of July 14, 2015, Cakra has finalized its bidder's statement; Cakra has prepared its financial reports in accordance with Indonesian accounting standards. Cakra has received an extension of time from ASIC in which to lodge its bidder's statement for a further month, so that the bidder's statement is now due by no later than August 13, 2015. Blumont Group Ltd. will hold its shareholders meeting on July 28, 2015 to approve the deal. As of April 28, 2015, the Directors of Cokal unanimously recommend the shareholders to accept the offer. As of July 28, 2015, the shareholders of Blumont approved the transaction. As on August 14, 2015, the offer is open for acceptance until on November 15, 2015.

Crowe Horwath Corporate Finance (Aust) Ltd acted as accountant, Banong Nangoy Juan & Partners and Kings Park Corporate Lawyers acted as legal advisors, Advanced Share Registry acted as registrar for Cakra. Crowe Horwath Corporate Finance (Aust) Ltd will receive a fee of AUD 0.06 million, Banong Nangoy Juan & Partners will receive IDR 0.5 million (AUD 48.7) and Kings Park Corporate Lawyers will receive AUD 0.08 million, Advanced Share Registry will receive AUD 0.02 million from Cakra. Thomson Geer Lawyers acted as legal advisor and BDO Corporate Finance (QLD) Limited acted as fairness opinion provider for Cokal. BDO will receive a fee of AUD 0.095 million. The currency conversion was done through www.oanda.com on April 29, 2015 and June 30, 2015.

PT Cakra Mineral Tbk (JKSE:CKRA) cancelled the acquisition of Cokal Limited (ASX:CKA) on November 15, 2015. PT Cakra Mineral Tbk is in discussion with Cokal for new offer.