Antam accepts Bumi offer for Herald

Chinese-Indonesian consortium Antam-Zhongjin will pocket over $109 million after today condeding defeat in the takeover battle for Herald Resources Ltd and accepting its rival's higher offer.

The acceptance of PT Bumi Resources Tbk's $2.85 cash offer follows a decision announced last night that Antam-Zhongjin would not extend its takeover offer which expired yesterday.

Antam-Zhongjin, through its bidding vehicle Tango Mining Pte Ltd, was offering $2.80 per share.

Today Antam-Zhongjin issued a 'ceasing to be a substantial shareholder' notice to the stock market, advising that it had relinquished control of over 38.2 million Herald shares.

Prior to that, Antam-Zhongjin held a 19.35 per cent interest in Herald.

Bumi, through its investment vehicle Calipso, holds a 19.94 per cent stake in Herald.