Year-end Sale % OFF 
Abstract
The issue of tender offers gained prominence in Indonesia primarily because of several cases where public companies were taken over by external entities, often leading to financial losses for other shareholders, especially public ones. This research focused on understanding how tender offers are regulated in Indonesia and the legal consequences of such offers. It aimed to explore the regulatory framework governing tender offers and assess the impact of takeovers on public companies that were acquired. Employing normative legal research with a statutory approach, the research examined laws and regulations such as Law Number 8 of 1995 concerning the Capital Market and Government Regulation number 27 of 1998. A significant shift occurred in 2011 when the Government enacted Law Number 21 of 2011 concerning the Financial Services Authority (OJK), which transferred macroeconomic regulatory responsibilities from Bank Indonesia to the OJK, including oversight of takeovers and tender offers. An illustrative case from 2020 involved the takeover by PT Garudafood Putra Putri Jaya, Tbk. of PT Mulia Boga Raya, Tbk.
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