FOR almost half a year now, PT Bumi Resources has been battling with PT Aneka Tambang to gain control of Herald Resources Limited. However, as yet there are no signs as to which of these two companies will end up throwing in the towel.

On July 2 this year, Bumi raised its offer price to A$2.85 per share for Herald, through Calipso Investment Pte Ltd, a subsidiary of Bumi Resources in Singapore. This is the fourth offer made by Calipso. At the mo