M&A

Indonesia's Bumi wins battle for Herald Resources

By Sameera Anand | 18 July 2008
Keywords: bumi | antam | herald resources

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Bumi succeeds in securing a 51% stake in the Australian lead and zinc miner after competing bidder Antam withdraws.

Indonesia’s Bumi Resources has emerged triumphant in the battle for Australia’s Herald Resources with a bid that values the company at A$563.45 million ($551 million). The final bid translates to a per share price of A$2.85 and is 27% higher than Bumi’s original offer.

Yesterday the Indonesian coal miner informed the Australian Securities Exchange that it had cornered 51.34% of Herald’s shares. The value of the controlling stake is A$295 million. The announcement ends a takeover battle that has been waging since December last year when Bumi first made a move to buy Herald, ...

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