PT Gunawan Dianjaya Steel Tbk (IDX:GDST) made a tender offer to acquire PT Jaya Pari Steel Tbk (IDX:JPRS) for approximately IDR 270 billion on June 21, 2018. Under the transaction, PT Gunawan Dianjaya Steel Tbk will issue new shares in the portfolio to each shareholder of PT Jaya Pari Steel Tbk. JPRS shareholders will receive shares in GDST in the ratio of 1.34 shares for every 1 share of PT Jaya Pari Steel Tbk. As of September 24, 2018, consideration ratio was revised. Under the revised terms, shareholders will receive shares in PT Gunawan Dianjaya Steel Tbk in the ratio of 1.39 shares for every 1 share of PT Jaya Pari Steel Tbk. Any shareholder who disagrees with the merger plan may request GDST or JPRS to purchase shares at a fair price. Post merger, PT Gunawan Dianjaya Steel Tbk will remain as legal entity and PT Jaya Pari Steel Tbk will be legally disbanded. The transaction is subject to approval of shareholders of PT Gunawan Dianjaya Steel Tbk and PT Jaya Pari Steel Tbk, obtaining of a statement of effectiveness from the Financial Services Authority (OJK), a signed Deed of Merger, approval or permits from related parties and approval on revising PT Gunawan Dianjaya Steel Tbk Articles of Association from the Ministry of Justice and Human Rights. As of September 24, 2018, merger was stated as effective by Financial Services Authority (OJK). Extraordinary general meetings of PT Gunawan Dianjaya Steel Tbk and PT Jaya Pari Steel Tbk are scheduled to take place on September 26, 2018. On September 26, 2018, the transaction was approved by the shareholders of PT Jaya Pari Steel Tbk and PT Gunawan Dianjaya Steel Tbk. On October 5, 2018, the transaction was approved by the Ministry of Justice and Human Rights of the Republic of Indonesia. The tender offer period is from August 16, 2018 to August 30, 2018. As of September 24, 2018, merger will be effective from October 5, 2018.