Antam, Zhongjin make rival bid for Herald Resources
Tuesday, January 29 2008 - 11:32 PM WIB
IDX-listed state miner PT.Aneka Tambang Tbk, together with Chinese firm Shenzen Zhongjin Lingnan Nonfemet Co. Ltd. on Wednesday announced a joint cash offer for A$2.50 per share for the entire issued capital of ASX-listed mining firm herald Resources Limited, topping the previous $2.25 per share offer made by Bumi Resources unit Calipso Investment Pte Ltd.
The offer value the entire shares of Herald at A$504.8 million or US$448.1 million.
The board of Herald withdrew their previous recommendation to accept Calypso?s offer and accept Antam-Zhongjin proposal in the absence of superior proposal, the statement said.
Antam is the 20 percent shareholder at Herald?s 80 percent-owned Dairi zinc-lead project in North Sumatra.
The companies launched their rival take over bid through a special purpose vehicle where Antam has 40 percent shares with Zhongjin holding the remaining balance.
Antam also said it had purchased on Wednesday 10.7 percent of Herald Resources? shares. (alex)