herald resources

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 Antam-Zhongjin consortium trumps Bumi's bid with an offer of up to $500 million for the Australian mining company and secures the backing of Herald's board.

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.

An Indonesian-Chinese partnership offers $448 million for Australia's Herald Resources, trumping BumiÆs offer by 11%.