Perlindungan terhadap pemegang salam dalam penawaran tender (tender offer) di Indonesia

Fadriansyah, Masagus M. Ezra (2019) Perlindungan terhadap pemegang salam dalam penawaran tender (tender offer) di Indonesia. Doctoral thesis, Universitas Pelita Harapan.

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Abstract

Protection of Shareholders On Tender Offer Regulation as stipulated in OJK Regulation IX.H.1 which regulate Mandatory Tender Offer and OJK Regulation IX.F.1 which regulate Voluntary Tender Offer and Tender Offer under refloat situation. Under Fairness Theory, Tender Offer has not create fair situation to the parties and need a reformation Tender Offer regulation. Principle Disclosure of Information on Material Fact become the most important in Tender Offer which material fact used as underlying for average price announcement, ideally on Tender Offer should use the highest price as the premium price by not forgetting the philosophy of Tender Offer. Agency Theory has succeed thwart the obligation for Mandatory Tender Offer under acquisition of PT Nusantara Infrastructure Tbk (META) as severability occur between shareholders and controller. Tender Offer Concept which fair and eficient for Issuer and society to be defined with definition of Tender Offer, determination of fair price, efficient option for issuer, society rights and reformation of Tender Offer regulation which in the end produce recommendation for further adjustment to the OJK Regulation IX.H.1 and OJK Regulation IX.F.1. This dissertation research using justice theory, legal certainty theory and utilitarian theory which packed using Economic Analysis of Law limited to the advantage and disadvantage to the application of Tender Offer regulation. / Perlindungan Terhadap Pemegang Saham Dalam Peraturan Penawaran Tender (Tender Offer) sebagaimana diatur dalam Peraturan IX.H.1 mengatur Penawaran Tender Wajib (Mandatory Tender Offer) dan Peraturan IX.F.1 mengatur Penawaran Tender Sukarela (Voluntary Tender Offer) serta terdapat Penawaran Tender (Tender Offer) dalam rangka refloat. Ditinjau dari Teori Keadilan, bahwa Penawaran Tender (Tender Offer) masih belum memuat keadilan bagi para pihak dan diperlukannya reformasi peraturan Penawaran Tender (Tender Offer). Asas Keterbukaan Informasi atas Fakta Material menjadi hal yang sangat penting dalam Penawaran Tender (Tender Offer) karena fakta material tersebut menjadi sarana untuk mengumumkan harga rata-rata, idealnya dalam Penawaran Tender (Tender Offer) menggunakan harga tertinggi sebagai harga premium dengan tidak melupakan filosofi dari Penawaran Tender (Tender Offer). Teori Keagenan telah berhasil meluputkan kewajiban dari Penawaran Tender Wajib (Mandatory Tender Offer) dalam akuisisi PT Nusantara Infrastructure Tbk (META) karena terdapat keterpisahan antara pemegang saham dengan pengendalian. Konsep Penawaran Tender (Tender Offer) yang adil dan efisien bagi Emiten dan masyarakat dirumuskan dengan definisi Penawaran Tender (Tender Offer), penentuan harga yang adil, opsi bagi Emiten yang efisien, hak masyarakat dan reformasi regulasi Penawaran Tender (Tender Offer) yang pada akhirnya membuahkan saran perlunya penyesuaian lebih lanjut terhadap Peraturan IX.H.1 dan Peraturan IX.F.1 Penelitian disertasi ini menggunakan teori keadilan, teori kepastian hukum dan teori kemanfaatan yang dikemas melalui alat metode Economic Analysis of Law (EAL) terbatas pada keuntungan dan kerugian terhadap efektivitas penerapan peraturan Penawaran Tender (Tender Offer).

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