- Write by:
-
Tuesday, November 17, 2020 - 11:54:59 AM
-
548 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
Canada’s corporate ethics watchdog on Tuesday said it was likely that human rights abuses had occurred at a mine in ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Awalé Resources (TSXV: ARIC) stock soared on Monday after the Newmont-backed gold explorer reported outstanding assay ...
French President Emmanuel Macron said on Monday the government is seeking to designate new regulated gold mining zones ...
Newmont Corp. has kicked off the sale of its Akyem gold mine in Ghana, which is attracting interest from potential ...
Vista Gold has released an updated feasibility study for its Mt Todd gold project in Northern Territory, Australia, to ...
Gold production in Burkina Faso declined last year as deteriorating security conditions in the West African nation ...
Gold snapped nine days of record-breaking gains as underlying US inflation topped forecasts for a second month in ...
Alcoa will buy Alumina in an all-stock deal that values the Australian firm at $2.2 billion, and makes the US company ...
No comments have been posted yet ...