Cardinal Resources directors accept takeover offer from Shandong Gold Mining
Tuesday, September 15th, 2020
Cardinal directors have instructed their brokers to initiate acceptance of the offer in respect of all of the shares they own or control.
The Shandong offer values Cardinal at about A$565.6 million
Cardinal Resources Ltd directors who collectively hold about 6.07% of the company’s shares have accepted the takeover offer from Shandong Gold Mining
Last week, Cardinal’s board of directors unanimously recommended shareholders to accept the increased A$1 per share off-market takeover bid from Shandong.
Shandong’s increased bid was part of a back-and-forth bidding war between Moscow-based gold miner Nord Gold SE and Chinese state-owned Shandong Gold Mining Co., Ltd’s (SHA:600547) Hong Kong based subsidiary.
Cardinal directors have instructed their brokers/controlling participants to initiate acceptance of the off‐market takeover offer by Shandong in respect of all of the Cardinal shares they own or control.
The Shandong offer remains subject to a number of standard market conditions for a transaction of this nature (including primarily, 50.1% minimum acceptance by Cardinal shareholders).