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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