independent directors say higher offer likely

http://www.businessspectator.com.au/bs.nsf/Article/Indophil-expecting-higher-offer-GLPUF?OpenDocument

http://www.asx.com.au/asxpdf/20080716/pdf/31b60qjxrbmzvg.pdf

Indophil expecting higher offer

Indophil Resources NL says a higher takeover offer is likely from either or both of the two groups currently duelling over the copper and gold miner.

On Wednesday, Indophil directors not involved in the management buy-out offer told shareholders to take no action on Xstrata's $1.28 per share offer.

"Your independent directors consider that it is likely that either one or both parties will increase their offer," Indophil said.

"Indophil's share price has consistently traded above the $1.28 offer prices since the offers were made," the company added.

Last month, a consortium led by Indophil chief executive Richard Laufmann launched a $1.28 per share offer to trump the $1 per share offer presented by Xstrata.

The focus of the takeover battle is the $3 billion Tampakan copper and gold project in the Philippines.

Xstrata and Indophil are joint venture partners in the project, with Indophil holding 34.23 per cent, compared with Xstrata Plc's 62.5 per cent interest.

Xstrata believes the mine could produce 194,000 tonnes of copper and 213,000 ounces of gold a year.

Indophil closed down 0.4 per cent at $1.31."