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Rabu, 26 Januari 2011

DBS Danamon update

From DBS' comments at the bottom of this email, it appears that this rumor has legs and that an acquisition is imminent.

To Recap:
• According to the rumor section of detik.com the long rumored DBS/Danamon deal will be completed imminently.
• DBS will acquire 5.57bn (67.42%) shares of PT Bank Danamon Tbk (BDMN).
• The acquisition price will be Rp6,500 for a total value of Rp36.2tn ($4.0bn).
• A tender offer will be made for the remaining shares of Danamon. The tender offer will have to be the average price of the shares over the last three months or higher. The average trading price over the last 3 months is
Rp6,223 per share.
• The average 3 mo price reflects a multiple of 14.2x and 2.6x 2011 consensus PE and PBV respectively. We would note that the tender offer could be much higher to gain investor acceptance.


PER DBS:
Any scenarios linking DBS to specific names are purely hypothetical and speculative. As we strengthen our
presence in Asia, DBS aims to have a more diversified geographic reach over time, however, strengthening
our existing operations and growing our business organically takes immediate precedence."

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