On June 24, 2008, ACGA wrote to Bapepam, the then capital market supervisory authority in Indonesia, to raise concerns about new M&A rules. We disagreed, in particular, with a plan to raise the threshold for making mandatory general offers from a 25% ownership stake, which at the time was slightly more rigorous than the regional norm of around 30%, to an extraordinarily high 50%, which would effectively allow control to change hands without the need for a general offer.