June 8 (Reuters) - Asia Coal Energy Ventures (ACE) on Monday raised its offer price for the Indonesia-focused coal miner Asia Resource Minerals by about 37 percent.
ARMS, hit by boardroom disputes and tumbling coal prices, has been at the centre of a battle for control between its co-founder, financier Nathaniel Rothschild and ACE.
ACE, a vehicle backed by hedge fund Argyle Street Management and funded by Indonesian business conglomerate Sinar Mas, raised the offer price to 56 pence per share from 41 pence.
ACE and Sinar Mas have received irrevocable undertaking from Rothschild and NR Holdings to accept the offer for a 17.21 percent stake in ARMS.
ACE said that Hannam & Partners, its financial adviser, has confirmed that it was satisfied that sufficient financial resources were available to ACE to fund the deal. (Reporting by Aastha Agnihotri in Bengaluru; Editing by Gopakumar Warrier)