Antam raises offer to acquire Herald Resources
Tuesday, June 3 2008 - 03:15 AM WIB
Tango Mining Pte Ltd, the special purpose vehicle owned by PT Antam Tbk and Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd, formed to make the takeover offer for Australian-listed Herald Resources Ltd, had raised its offer for Herald to A$2.60-$2.65 per share, Herald said in a statement released Tuesday.
According to the statement, the Herald Directors have agreed to sell all their own Herald shares (representing 8.27% of Herald shares) into the Tango offer with immediate effect.
"In light of this superior proposal from Tango, the Herald Directors REJECT the alternative $2.55 cash offer by Calipso Investment Pte Ltd and advise shareholders NOT to accept the offer by Calipso," the statement said.(godang)