Cardinal Resources Ltds (ASX:CDV) (TSE:CDV) board of directors have unanimously recommended shareholders to accept the A$1 per share off-market takeover bid from Shandong Gold Mining.
Shandongs latest proposal came after back-and-forth bidding between Moscow-based gold miner Nord Gold SE and Chinese state-owned Shandong Gold Mining Co., Ltds (SHA:600547) Hong Kong based subsidiary.
Last week, Cardinal received an increased offer price from Nord Gold in respect of its takeover bid, from 66 cents to 90 cents cash per share.
However, Cardinal has obligations under an agreement with Shandong which contains matching rights in favour of Shandong.
Based on the matching rights provisions, Cardinal received an improved offer from Shandong to acquire all the shares in Cardinal at a price of A$1 per share.
The improved Shandong offer of A$1 cash per share values CarRead More – Source