Bumi increases offer for Herald
Monday, June 9 2008 - 11:20 PM WIB
Indonesian top mining house PT.Bumi Resources Tbk announced on Tuesday that its wholly-owned subsidiary Calipso Investment Pte. Ltd. has increased its offer price for Australian mining firm Herald resources to A$2.80 per share, trumping offer of $2.60-2.65 per share made by rival Tango Mining Pte. Ltd.
The Heralds directors have unanimously recommended that shareholders accept the revised Calipso order and have withdrawn their previous recommendation to accept Tango Mining offer.
Calipso will extend the closing date of its Offer to June 26, 2008. (alex)