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Tuesday, January 5, 2021 - 10:19:48 PM
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Mining News Pro - The board of takeover target Cardinal Resources have urged its remaining shareholders to accept the offer from Chinese suitor Shandong Gold Mining, after that company’s shareholding in Cardinal increased to 68%.
Shandong Gold’s A$1.075 a share offer is set to end on January 12, and is currently the only offer on the table.
Russian suitor Nordgold in December allowed its on-market takeover bid to expire, stating that it would not increase its offer price of A$1.05 a share, but would instead accept the increased offer from Shandong.
Guinean suitor Engineers & Planners Company has also stated that it would not proceed with its proposed off-market bid for Cardinal.
Cardinal has urged its remaining shareholders to accept the Shandong offer before the expiry date, noting that the company’s share price following the close of the transaction would likely be affected by the level of share liquidity and the continued listing of Cardinal on both the ASX or TSX, which is uncertain.
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https://www.miningnews.ir/En/News/609933
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