Herald Resources

Herald Resources has reiterated its rejection of a takeover bid by Jakarta-based PT Bumi Resources despite another major shareholder advising it will accept the offer.

Herald Resources has urged shareholders to reject Jakarta-based PT Bumi Resources' takeover bid, saying the offer is only a quarter of the price the shareholder paid 12 months ago for control of the West Perth company.

The largest shareholder in West Perth-based Herald Resources has announced plans to acquire the remaining shares of the WA company by way of a formal off-market takeover bid, subject to conditions and approval from the Foreign Investment Review Board (FIR

It is not that Perth dealmakers are joining the dole queues, they have just had a little more time on their hands recently.

Herald Resources has stopped port and road construction activities due to a protracted delay in gaining forestry approval for its Dairi zinc-lead project in Indonesia.

Herald Resources has secured a standby loan facility for up to US$30 million from PT Bumi Resources TBK.

The takeover bid for Herald Resources Ltd has drawn to an end with bidder PT Bumi Resources tbk allowing its $2.85 cash offer to lapse.

Herald Resources Ltd chairman and managing director Terrence Allen has pocketed over $42 million after accepting the takeover offer from Antam-Zhongjin.

Directors of Herald Resources Ltd have recommended shareholders accept an increased takeover offer of $2.85 cash from PT Bumi Resources Tbk.

PT Bumi Resources Tbk has increased its takeover offer for Herald Resources by 5 cents, putting an end to the stalemate with rival bidder Antam-Zhongjin as the latter demands a break fee of $5 million.

Herald Resources Ltd Directors have supported a revised $2.60 to $2.65 cash offer from Tango Mining Pte Ltd, which values the company at almost $524 million.

The long-running takeover battle over Herald Resources Ltd has hotted up, with Indonesian group PT Bumi Resources Tbk lifting its offer by 30 cents per share to $2.55 cash per share.

Chinese-Indonesia consortium Antam Zhongjin has gained shareholder approval for its $2.50 a share, $505 million take over bid for West Perth-based Herald Resources.

Base metals miner Perilya Ltd has sold its stake in takeover target Herald Resources Ltd, which said today it was in discussions with a number of other parties.

Base metals miner Herald Resources this month became the latest of many Western Australian mining companies to be the target of a takeover offer, as big international groups seek to secure access to resources.

30-Jan-06Lodged response to ASX query