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.
Earlier this month, Indonesian coal miner PT Bumi Resources Tbk extended its takeover bid for Herald Resources Ltd to May 7, while it contemplated raising its $455 million bid.
Herald accepted Bumi's $2.25-a-share offer on January 23 but later withdrew the recommendation in favour of a rival bid by Antam Zhongjin.
Bumi has a 19.87 per cent stake in Herald Resources, while Antam holds a 10.72 per cent interest.
Shares in Herald Resources have remained steady today at $2.78.
The annoucement is pasted below:
Tango Mining Pte. Ltd, the Special Purpose Vehicle owned by PT Antam Tbk and Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd, formed for the takeover of Herald Resources Limited, welcomes the approval of Zhongjin's shareholders for Tango's recommended $2.50 per share cash offer for Herald Resources.
Zhongjin Shareholders approved the offer in a general meeting of shareholders as required by application Chinese securities laws and Zhongjin's articles of association.
Tango also notes that approval from the National Development and Reform Commission of the People's Republic of China has been granted in relation to Zhongjin's involvement in the offer.
Further shareholder and public authority approvals required include:
- Antam Shareholder approval;
- Further Chinese regulatory approvals; and
- Australian Foreign Investment Review Board ("FIRB") approval.
