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.
Perilya recently lifted its stake in Herald to 8.86 per cent and there was speculation it may pursue a full takeover.
However it announced today that it has sold its shares for $39.3 million, saying this reflected its "disciplined and value oriented approach to M&A activities".
Meanwhile Herald has again urged its shareholders to take no action on the hostile $455 million takeover bid by Indonesian miner PT Bumi Resources Tbk.
Herald said it had received approaches from a number of parties and was "currently holding discussions with those parties", which were confidential.
Hong Kong-based investment bank Crosby Capital Partners has indicated previously, it was looking at the situation.
Last week, Pt Bumi made a $2.25 per share cash takeover offer for West Perth-based Herald, which is seeking to develop a zinc/lead project in North Sumatra.
In recent days, an independent report commissioned by PT Bumi has valued Herald at between $2.03 and $2.39 per share.
Herald said it would report any material developments to shareholders and the market in accordance with listing rules.
Shares in Herald gained four cents to close at $2.27.
