indonesias-bumi-wins-battle-for-herald-resources

Indonesia's Bumi wins battle for Herald Resources

Bumi succeeds in securing a 51% stake in the Australian lead and zinc miner after competing bidder Antam withdraws.
July 17, 2008
IndonesiaÆs Bumi Resources has emerged triumphant in the battle for AustraliaÆs Herald Resources with a bid that values the company at A$563.45 million $551 million. The final bid translates to a per share price of A$2.85 and is 27% higher than BumiÆs original offer.

Yesterday the Indonesian coal miner informed the Australian Securities Exchange that it had cornered 51.34% of HeraldÆs shares. The value of the controlling stake is A$295 million. The announcement ends a takeover battle that has been waging since December last year when Bumi first made a move to buy Herald, offering A$2.25 per share. At the time, BumiÆs move was described by HeraldÆs board of directors as ôhostile and unsolicitedö....
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