Shandong Gold has assumed control of Perth-based Cardinal Resources, following a nine-month bidding war with Russia's Nordgold and despite two late takeover proposals.
A Ghanaian business has joined the battle to buy out Perth-based Cardinal Resources, topping previous bids for the gold explorer with a new cash offer of $1.05 per share.
The Takeovers Panel has rejected a request from Perth-based Cardinal Resources to improve separate takeover offers from Russian mining giant Nordgold and China's Shandong Gold.
Takeover target Cardinal Resources has requested that its bidders be allowed to improve their proposals after having declared their $1 per share bids as ‘best and final'.
Russian miner Nordgold has extended its offer to buy Perth-based Cardinal Resources, one day after matching the off-market proposal from China's Shandong Gold.
Russia's Nordgold is not backing down in a takeover battle for Cardinal Resources, despite the Perth-based gold play in favour of a matching offer from Shandong Gold.
Russian mining giant Nordgold alleges its takeover target Cardinal Resources has acted deceptively towards shareholders, with the matter escalated to the Takeovers Panel.
The directors of Perth-based Cardinal Resources have accepted a takeover proposal from Chinese company Shandong Gold, ahead of a competing bid from Russian-owned Nordgold.
Chinese-owned Shandong Gold has responded to an increased takeover bid for Cardinal Resources, having offered to buy the West Perth company for around $566 million.
Russian-owned Nordgold has made a new offer to buy Cardinal Resources, trumping a competing bid from Chinese company Shandong Gold by around $26 million.
Takeover target Cardinal Resources has recommended shareholders vote in favour of the recently-improved proposal from Shandong Gold, which is offering to buy Cardinal for around $395 million.
Takeover target Cardinal Resources has received a higher purchase offer from China-based Shandong Gold, after competing buyer Nordgold upped its bid last week.
Russian-owned Nordgold has increased its bid to acquire Cardinal Resources to around $347 million, which trumps a competing proposal from Shandong Gold that has already been endorsed by Cardinal.
