bumi-ups-the-ante-for-australias-herald-resources

Bumi ups the ante for Australia's Herald Resources

The Indonesian mining company offers $495 million for Herald, 2% more than the competing offer on the table, in a bid partly financed by debt from a consortium led by Credit Suisse.
IndonesiaÆs Bumi Resources has upped its offer for Herald Resources in Australia to A$515 million $495 million, trumping the offer by IndonesiaÆs Antam and ChinaÆs Zhongjin.

Bumi yesterday improved its December offer for Herald Resources by 13% to A$2.55 per share. ThatÆs five Australian cents more than the competing offer made in January by Antam and Shenzhen Zhongjin Lingnan Nonfemet. Bumi has also waived all conditions to the bid except the 50.1% minimum acceptance condition. Since it made its original offer on December 12, Bumi has secured 19.6% of HeraldÆs shares so it now needs another 30.5%.

Bumi said its offer will expire on June 4, which is one day before the Antam-Zhongjin offer...
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