Bumi lifts Herald offer by 13%

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.

Bumi also said it would waive all conditions which have not already been satisfied, other than the 50.1 per cent minimum acceptance condition.

Calipso's increased offer has pipped the rival $2.50 per share offer lodged by Tango Mining Pte Ltd, which has been endorsed by Herlad's directors in the absence of a superior proposal.

Tango is owned by Indonesia's PT Antam Tbk and China's Shenzen Zhongjin Lingnan Nonfemet group.

Bumi said its offer was 81 per cent above Herald's average share price in the three months prior to the announcement of its initial $2.25 per share offer on 12 December 2007, through wholly-owned subsidiary Calipso Investment Pte Ltd.

Bumi already has a 19.6 per cent stake in Herald, which is seeking to develop a base metals project in Indonesia.