Cokal, which has received an unsolicited non-binding and incomplete proposal in relation to a conditional off market takeover bid by Cakra Mineral, is in uncharted waters, with the two parties undertaking the first ever takeover between Australian and Indonesian stock exchange listed companies.

“The discussions have been progressing but have highlighted the need to jointly manage the process on both the Australian and Indonesian stock exchanges and under two company regulatory regimes,” Cokal said in a statement.

“We believe that as this is the first such transaction of this type between the two countries, there is no precedent. An understanding of these processes has been extremely important before reaching an agreement on a bid implementation agreement.”

So far, Cokal has not formed an opinion on the takeover offer, and says discussions are ongoing to try to evaluate the proposal. It says shareholders should take no action.

“The securities of Cokal Limited will be placed in trading halt session state at the request of the company, pending the release of an announcement by the company,” the ASX said.

“Unless ASX decides otherwise, the securities will remain in trading halt session state until the earlier of the commencement of normal trading on Monday, 1 June 2015 or when the announcement is released to the market.”