Asia Coal Energy (ACE) has raised its offer price by approximately 37% for the Indonesia-focused coal miner Asia Resource Minerals (ARMS). The offer now stands at 56 pence per share from 41 pence.
Hannam & Partners, (ACE’s financial advisor), confirmed it was satisfied that there were adequate financial resources available to ACE to fund the deal.
ARMS shareholders, Rothschild and NR Holdings, have already given final confirmation to ACE and Sinar Mas (an Indonesian organisation that funds ACE) that they will accept the offer in exchange for a 17.21% stake in ARMS.