Herald advises shareholders to accept Tango offer
SYDNEY (Reuters) - Australian miner Herald Resources Ltd (HER.AX: Quote, Profile, Research, Stock Buzz) has backed a joint bid by Indonesia's PT Antam ANTM.JK and China's Shenzhen Zhongjin Lingnan Nonfemet Co Ltd 000060.SZ, in a formal response to the Australian bourse.
Herald, which owns a zinc and lead project in Indonesia, recommended in its target statement that shareholders accept the offer of around A$500 million ($459 million) by the Indonesian and Chinese consortium, made through their vehicle Tango Mining.
Indonesia's PT Bumi BUMI.JK has tabled an offer A$2.25 a share, a price earlier recommended by Herald directors.
($=A$1.09)
(Reporting by James Regan)
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