- Write by:
-
Monday, October 26, 2020 - 1:50:35 PM
-
668 Visit
-
Print
Mining News Pro - Gold miner Nordgold has told the shareholders of takeover target Cardinal Resources that it wILL not be improving on its A$1 a share cash offer, unless a higher competing offer emerges.
Nordgold last week increased its offer price for Cardinal shares from 90c a share to A$1 a share, matching an offer from fellow suitor Shandong Gold Mining.
Nordgold turned to the Australian Takeovers Panel at the tail end of last week, after ASX-listed Cardinal suggested that Shandong could be in a position to increase its offer price for Cardinal, despite having issued a final offer notice.
Nordgold, which holds a 27.8% interest in Cardinal, argued that its increased offer was not a ‘higher competing offer’, and was seeking orders from the Takeovers Panel reaffirming that Shandong was unable to increase its offer price, unless an offer above A$1 a share was made to the market.
Nordgold’s insistence that its A$1 a share offer was final comes as Cardinal revealed that shareholders representing 22.81% of its shares intended to accept the Shandong offer, in the absence of an increased offer from Nordgold, or a superior proposal.
The Cardinal board has continued to unanimously recommend that shareholders accept the Shandong offer.
Shandong for its part has said that it would accelerate the payment under its own offer, to three business days, and has extended the offer period until October 30.
Nordgold’s offer for Cardinal will close on November 6.
Short Link:
https://www.miningnews.ir/En/News/606602
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
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 ...
Ghana Mine Workers Union is demanding the termination of the mining lease of Future Global Resources Ltd. because the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
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.
No comments have been posted yet ...