Bidding war for Australia's Herald at impasse

The board of Herald Resources tells shareholders to resolve the impasse between Bumi and the Antam-Zhongjin consortium, as both bidders offer $530 million for the Australian mining company.

The bidding war for AustraliaÆs Herald Resources reached an impasse on Friday as both Bumi and Antam tabled identical offers and Herald's board was forced to recommend both bids to shareholders.

On Friday, directors of Herald Resources advised shareholders to tender their shares to IndonesiaÆs Bumi Resources or Tango Mining, the acquisition vehicle created by IndonesiaÆs Antam and ChinaÆs Zhongjin Lingnan. The directors of Herald are in essence telling shareholders that they cannot guide them on which bid is superior...

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