Bumi Raise Up Offer to Acquire Herald

Bumi Raise Up Offer to Acquire Herald

PT Bumi Resources Tbk (Bumi) will raise up its offer to acquire Herald Resources Ltd, an Australian mining company.

Bumi Extraordinary General Shareholders Meeting (RUPS) had agree to give an approval to Bumi management to raise up its offer price as recommended by PT Zodiac Perintis Penilai, an independent valuer, that gave Herald normal price range between AUSD 529.44-663.83 million or AusD 2.62-3.29 per share.

Nalinkhant Rathod Commissioner Bumi said at the present Bumi offer pice still AUSD 2.25 per share but with shareholders approval, management have an authority to raise the offer to highest limit and extend the offer period.

Bumi has extend its offer period for Herald, last offer period will be valid until next May 21.

Bumi competitor to acquire Herald is PT Aneka Tambang Tbk (Antam) which gave valuation price AUSD 2.5-3.51 per share.

Bumi through its subsidiary Calipso Investment Pte. Ltd., had secure USD 375 million loan facility from Credit Suisse Singapore to finance Herald acquisition. Calipso had own 19,8% Herald share which bought at AUSD 2.23 per share. Meanwhile Antam also had control 10.7% Herald share.


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