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GoTo opens up on receiving, reviewing multiple takeover offers
In a stock disclosure submitted on Thursday, the homegrown tech giant has dismissed recent reports on a possible sale to industry rival Grab as “speculation”, saying it received periodical acquisition offers but had not agreed to any deal at present.
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The GoTo logo sign adorns the technology conglomerate’s head office in Kebayoran Baru, South Jakarta, in this handout photo. (GoTo /Public relations)
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T GoTo Gojek Tokopedia (GoTo) has confirmed it is currently evaluating multiple offers from interested parties, breaking its silence on a rumored acquisition of its core business by regional rival Grab.
In a disclosure to the Indonesia Stock Exchange on Thursday, the homegrown technology giant stated that no agreement had been reached to date, dismissing recent media reports as “speculation”.
“The company would like to clarify that from time to time, the [GoTo] Group receives proposals from various parties,” corporate secretary R.A. Koesoemohadiani said in the disclosure.
“It is the duty of the board of directors to thoroughly explore and diligently evaluate all such proposals with the aim of enhancing long-term value for all shareholders, while taking into consideration the best interests of our driver partners, MSME merchants, consumers, employees and all key stakeholders,” she continued, referring to micro, small and medium enterprises.
Read also: Who stands to win or lose when Grab takes over Gojek
Singapore-based super app Grab was pursuing a deal to acquire most of GoTo’s operations as early as the second quarter this year, Reuters reported on Wednesday, citing anonymous sources.
The sources reportedly said the multinational tech giant had appointed advisers and was in talks with banks to secure financing for the acquisition of GoTo’s businesses at a valuation of around US$7 billion.
