Takeovers Panel wants no part in Cardinal battle
Mining News Pro - The Australian Takeovers Panel has declined to intervene in the battle between Russian gold miner Nordgold and China’s Shandong Gold Mining for control of ASX- and TSX-listed Cardinal Resources

All the invested parties have individually approached the Takeovers Panel, urging an intervention to resolve a gridlock between Shandong Gold Mining and Nordgold.

Nordgold had requested affirmation that Shandong would be unable to increase its A$1 a share final offer, while Shandong was hoping to be granted leave to do just that.

However, the Takeovers Panel on Tuesday said that there was no reasonable prospect that the current situation between Shandong and Nordgold qualified as "unacceptable", adding that Shandong’s qualification in its last and final statement was not ambiguous, and that Nordgold’s matching of the Shandong offer and seeking to hold the Chinese bidder to its last and final statement was not a misuse of the `truth in takeovers` policy.

The Takeovers Panel also noted that despite the auction between Shandong and Nordgold having stalled, there was no material to suggest that the market was inefficient or uniformed.

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