- Write by:
-
Tuesday, November 17, 2020 - 11:54:59 AM
-
563 Visit
-
Print
Mining News Pro - The Australian Government Takeovers Panel has turned down requests to change Nordgold and Shandong Gold’s offer conditions for the Cardinal Resources takeover bid.
Nordgold filed an application to the takeovers panel on October 23, stating that Cardinal had been misleading about its shareholder intentions to accept or reject a takeover bid.
Cardinal previously encouraged its shareholders to accept Shandong’s best and final offer of $1 per Cardinal share, lodged on October 19.
Nordgold then increased its $0.90 per share offer to $1 per share on October 21.
On October 26, Nordgold declared the $1 per share offer as its best and final price.
In response to the Nordgold application, Cardinal and its shareholder Samson Rock requested that Nordgold and Shandong be allowed to raise their bids above $1.
This was on the condition that the successful bidder would compensate any person that sold Cardinal shares after the bidder’s initial best and final statements last month.
The takeovers panel, however, stated that there was no reasonable prospect that it would find Shandong and Nordgold’s bids for Cardinal unacceptable.
This was due to Shandong’s offer on October 19 not being ambiguous, Nordgold’s matching of Shandong’s offer not being a misuse of the “truth in takeovers” policy, while there was also no evidence to suggest the bidding had been stalled.
Reasons for the decision will be posted on the takeovers panel website in due course.
Short Link:
https://www.miningnews.ir/En/News/608374
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
No comments have been posted yet ...