Herald Resources attracts competing bid
An Indonesian-Chinese partnership offers $448 million for Australia's Herald Resources, trumping BumiÆs offer by 11%.
Indonesian mining firm, PT Antam TBK and ChinaÆs Shenzhen Zhongjin Lingnan Nonfemet have offered A$2.50 $2.22 per share for 100% of AustraliaÆs Herald Resources, valuing the target at A$504.8 million $448 million.
As the current offer is 11.1% higher than Bumi Resources' earlier offer of A$2.25 per share, Herald's board of directors has withdrawn its earlier recommendation dated January 23 that shareholders tender their shares to Bumi. It is now recommending the Antam-Zhongjin offer.
Antam is 65%-owned by the...
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