October 08, 2008

Bumi extends bid for Herald Resources

Indonesia's largest coal miner PT Bumi Resources Tbk has extended its AUD 444.8 million takeover offer for Australian zinc hopeful Herald Resources Ltd to April 18. The offer was set to close on April 4th 2008.

Bumi said 10 days ago that it had not yet finalized debt funding to partially finance the bid, so it extended the deadline for execution of the debt facility to April 4.

Bumi in a statement said the conditions contained within its bidder's statement have not been fulfilled. It said Herald shareholders who had accepted the offer had the right to withdraw their acceptance within one month of receiving Bumi's statement.

Bumi said on March 11th 2008 that it was mulling over the future of its bid after the target backed a rival AUD 505 million offer by Indonesian state controlled mining group PT Antam Tbk and Chinese government backed miner Shenzhen Zhongjin Lingnan Nonfemet Co Ltd.