Herald reluctantly endorses Bumi bid

Australian mining company Herald Resources advises its shareholders to accept a bid from Indonesia's Bumi despite deeming the $392 million offer too low. Herald continues to engage other bidders.

Australian zinc miner Herald Resources has advised its shareholders to accept, in the absence of a superior proposal, an offer made by Indonesian coal mining company Bumi Resources, only a month after it described the move as ôhostile and unsolicitedö. Bumi has valued Herald at A$455 million $392 million.

The decision comes following significant turmoil in global financial markets, which caused AustraliaÆs benchmark index to fall 7% on Tuesday in its tenth straight day of declines. Herald has accepted...

To continue reading, please login or register for free

Click for more on: bumi | herald | credit suisse

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...