Article Title
PERBANDINGAN PENGATURAN PENAWARAN TENDER (STUDI KOMPARATIF: AMERIKA SERIKAT, THAILAND DAN INDONESIA)
Abstract
This writing discusses about various types of the Tender Offer scheme in the United States as a developed countries, Thailand as a developing countries compared to the tender offer regulation in Indonesia. Tender Offer in Indonesia is stipulated by Peraturan Otoritas Jasa Keuangan (POJK) No 54 /POJK.04/2015 concerning Voluntary Tender Offer and Peraturan Otoritas Jasa Keuangan No. 9 /POJK.04/2018 concerning Takeover of Public Company. In general, the three countries have the same understanding and purpose regarding the Tender Offer, namely to protect investors (shareholders) and create a fair capital market activities. This study aims to determine of several differences also occur in the regulation and types of Tender Offer in accordance with the positive legal characteristics of each country.
Keywords: Tender offers, takeovers, acquisitions, shareholders.The methode used in this research is the juridical-normative method.
Bahasa Abstract
Penulisan ini membahas mengenai macam-macam bentuk pengaturan terhadap skema Penawaran Tender atau Tender Offer di Amerika Serikat sebagai salah satu contoh negara maju, Thailand sebagai salah satu contoh negara berkembang dibandingkan dengan pengaturan tender offer di Indonesia. Tender Offer di Indonesia diatur dalam Peraturan Otoritas Jasa Keuangan (POJK) Nomor 54 /POJK.04/2015 tentang Penawaran Tender Sukarela dan Peraturan Otoritas Jasa Keuangan Nomor 9 /POJK.04/2018 tentang Pengambilalihan Perusahaan Terbuka. Secara umum, ketiga negara memiliki pengertian dan tujuan yang sama tentang Tender Offer, yaitu untuk melindungi investor (pemegang saham) dan menciptakan lalu lintas pasar modal serta kegiatan pengambilalihan yang aman dan adil (fair). Penelitian ini bertujuan untuk mengetahui perbedaan juga terjadi dalam pengaturan serta jenis-jenis Tender Offer sesuai dengan karakteristik hukum positif masing-masing negara. Metode yang digunakan dalam penelitian ini adalah metode yuridis normatif
Kata Kunci: Penawaran tender, pengambilalihan, akuisisi, pemegang saham.
References
Buku
Sitompul, Asril Pasar Modal (Penawaran Umum dan Permasalahannya), PT. Citra Aditya Bakti, Bandung, 1996
Tambunan, Andy Porman, Menilai Harga Wajar Saham (Stock Valuation), Jakarta: Elex Media Computindo, 2007
Kairupan, David Aspek Hukum Penanaman Modal Asing di Indonesia, Jakarta: Kencana, 2013
Artikel
Krasik, Carl, “Tender Offers: The Target Company’s Duty of Disclosure”, The Business Lawyer, Vol. 25, No. 2 (January 1970)
Peraturan Perundang-undangan
Indonesia, Undang-undang No. 25 Tahun 2007 tentang Penanaman Modal.
Internet
Harvard Law Review, “The Developing Meaning of “Tender Offer” under the Security Exchange Commission Act 1934”, Harvard Law Review. Vol. 86, No. 7 (May, 1973), hlm. 1250, http://www.jstor.org/stable/1340067 , diakses pada tanggal 27 Februari 2019, pukul 22.45 WIB.
Riyanto,Agus 2017, Penawaran Tender: Antara Wajib dan Sukarela, http://business-law.binus.ac.id/konsultasi-hukum/penawaran-tender/, diakses pada tanggal 26 Februari 2018
Thesis
Maulidya Nurhalima Siregar, “Tinjauan Hukum terhadap Mekanisme Pencatatan Kembali (Relisting) Saham di Bursa Efek Indonesia Studi Pada: PT Jasa Angkasa Semesta Tbk, PT Bukaka Teknik Utama Tbk, dan PT Apexindo Pratama Duta Tbk”, (M.H. Thes., Universitas Indonesia, 2013)
Regulasi Negara Lain
Notification of the CMSB No. TorJor. 12/2554 entitled Rules, Conditions and Procedures for the Acquisition of Securities for Business Takeovers (Takeover Rules), Chapter 1 Clause 3:
Bangkok Global Law, Tender Offer in Thailand (2016) “Frustration Action Principal: From the date on which any person declares the intention to the public or makes a tender offer of securities to the end of a period of a tender offer of securities of the business, the business shall not act or omit to disturb the tender offer unless it is approved by 50% of the vote of the meeting of shareholders or as prescribed by law.”
Recommended Citation
Artauli, Areta
(2022)
"PERBANDINGAN PENGATURAN PENAWARAN TENDER (STUDI KOMPARATIF: AMERIKA SERIKAT, THAILAND DAN INDONESIA),"
"Dharmasisya” Jurnal Program Magister Hukum FHUI: Vol. 2, Article 22.
Available at:
https://scholarhub.ui.ac.id/dharmasisya/vol2/iss1/22
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