The Indonesian and Chinese partners in a bidding war for Australia-listed miner Herald Resources Ltd (HER.AX) matched a rival A$553 million offer on Tuesday.
PT Aneka Tambang Tbk (ANTM.JK) and China's Shenzhen Zhongjin Lingnan Nonfemet Co Ltd (000060.SZ) lifted their combined offer for Herald to A$2.80 a share, putting it on par with an offer already on the table by PT Bumi (BUMI.JK), an Indonesian coal miner.
Herald, which had backed Bumi's overture, said it was now assessing the latest Antam-Shenzhen Zhongjin offer.
Antam is controlled by the Indonesian government, which has yet to grant Herald a permit to begin work at the Dairi zinc/lead project in Northern Sumatra, the company's main asset.
Herald owns 80 percent of the project while Antam already owns the other 20 percent.
The Antam group's revised offer requires 50.1 percent acceptances, the same as the Bumi offer.
The Antam group's previous offer was for up to A$2.65 a share, depending on the number of acceptances.
Herald ended at A$2.95 on Tuesday, with the new offer coming after the close of trading.
Herald's shares are up nearly 70 percent since shortly before Bumi made its first offer at A$2.25 in December, only to have Antam counter a month later at A$2.50, kicking off a bidding war. ($1=A$1.06) (Reporting by James Regan; Editing by Ben Tan)
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