Tango Lodges Bidder's Statement For The Recommended $2.50 Per Share Cash Offer For Herald Resources
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Tango Mining Pte. Ltd. ("Tango"), the Special Purpose Vehicle owned by PT ANTAM Tbk ("ANTAM") (ASX:ATM, IDX:ANTM) and Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. ("Zhongjin"), formed for the takeover of Herald Resources Limited ("Herald"), today lodged its Bidder's Statement for its cash offer of A$2.50 per Share ("Tango Offer") for the entire issued capital of Herald.
Tango notes that the Herald Board has recommended that Herald shareholders accept the Tango Offer of A$2.50 per share in the absence of a superior proposal. Tango also notes the Herald Board has withdrawn its previous recommendation to accept the lower offer of A$2.25 per share of Calipso Investment Pte. Ltd.
The Tango Offer price of A$2.50 cash for each Herald share represents a substantial premium to the historical trading levels of Herald shares, prior to recent corporate interest in the company. The Tango Offer also provides Herald shareholders with an attractive opportunity to realise cash value for their investment in Herald.
Tango is prepared to offer Herald shareholders superior value because an acquisition of Herald and the Dairi Project meets the strategic needs of both ANTAM, a large and diversified Indonesian metals and mining company, and Zhongjin, which owns zinc and lead smelters and mining operations in China.
Herald shareholders are encouraged to accept the compelling Tango Offer for the reasons set out in Tango's Bidder's Statement, which is publicly available via the ASX website and is expected to be despatched to Herald shareholders within the next two weeks.