Gold and Silver

Stalemate reached in Cardinal tussle

Stalemate reached in Cardinal tussle
Mining News Pro - Chinese suitor Shandong Gold Mining will only increase its offer price for Cardinal Resources to A$1.05 a share, up from its current A$1 a share offer, if a higher competing offer was launched for the junior gold developer.

Shandong this week announced that it would extend its offer period until the end of December this year.

The announcement has prompted fellow suitor Nordgold to drop its application to the Australian Takeovers Panel to intervene in the affairs of Cardinal, after raising its own offer last week from 90c a share to A$1 a share.

Nordgold has also told the shareholders of Cardinal Resources that it would not be improving on its A$1 a share offer unless a higher competing bid emerges, with Nordgold’s offer for Cardinal set to close on November 6.

The Cardinal board has continued to unanimously recommend that shareholders accept the Shandong offer.

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