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AAP
2010-11-08
Bathurst Resources Ltd has gone into a trading halt, after a report it is set to increase its takeover bid for Galilee Energy Ltd's coal assets.
Bathurst was expected to revise upward its bid for Galilee spin-off Eastern Resources Ltd to between $30 million and $35 million, the Australian Financial Review reported on Monday.
An earlier $30 million bid for the company was rejected.
Bathurst requested a trading halt on Monday pending an announcement in relation to the article.
It said it expected shares to resume trading no later than Wednesday.
If the report proves correct, it will be the second time news of Bathurst's intentions regarding Eastern Resources have been broken in the newspaper prior to the stock market being notified.
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