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

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