Toho Zinc Co. recently improved its earlier bid for CBH Resources Ltd. after the later received a new takeover bid by Nyrstar NV of Belgium. Toho Zinc Co., a Japanese group, offered 25 cents per share in the recent bid. The Japanese firm already holds 24.1 per cent of CBH shares.

Australian lead and zinc miner CBH Resources Ltd. said in a statement today that the company has received the revised offer from Toho, the major shareholder in CBH. If accepted, the deal would make Toho the holder of 49.9% stake in CBH Resources. This would be the maximum level of stake permitted without taking control.

Earlier this month, CBH got another revised takeover offer by Nyrstar NV, a zinc producer from Belgium. Nyrstar offered 19.5 cents per share for CBH Resources, which produces zinc, lead and silver in New South Wales and Western Australia.

However, CBH said that the company has formed a committee of independent directors. This committee is now assessing the merits of each revised offer from both the companies Toho and Nyrstar. The company said that this committee will provide its recommendation to the shareholders very soon.

CBH shares jumped 8.81% today and were closed to 18.5 cents. CBH Shares were at a trading halt before the announcement by Toho.