The offer from the Indonesian company has been backe by the board after Cakra raised its offer price from $70m to $75m.
The company has been reportedly struggling to gather funding for its Indonesian Bumi Barito Mineral metallurgical coal project in Kalimantan region.
The project, which is expected to have an output of six million tones, is likely to start this year.
Previously, the company managed to raise $110m funding for the project from Cedrus International and Platinum Partners.
PT Cakra Mineral President Boelio Muliadi said: "CKRA’s first priority for Cokal is to provide the financial and corporate support to bring Cokal’s BBM coking coal project into production.
"We believe that Cokal human resources are capable of running Cokal operations thus there should not be any significant changes. Our role as an investment company is not to operate but to finance and create value in each of its investments.
"Cokal’s Board and management is a valuable asset both in terms of developing and operating the BBM project and also for the credibility of CKRA as a future developer and operator of mining."
