Cardinal still backing Shandong
PERTH (miningweekly.com) – 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.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation