https://www.engineeringnews.co.za

Accept Shandong offer - Cardinal

8th September 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The directors of takeover target Cardinal Resources have urged shareholders to accept the revised offer from Shandong Gold.

Shandong earlier this week increased its offer price for Cardinal from 70c a share to A$1 a share, outbidding shareholder Nordgold, which had increased its own offer for Cardinal from 60c a share to 90c a share.

The improved Shandong offer valued Cardinal at approximately A$565.6-million on a fully diluted basis, representing a premium of 11.1% to Nordgold’s revised bid.

Cardinal told shareholders on Tuesday that the company had carefully considered the improved Shandong gold offer in detail, and given the superior price to the Nordgold takeover bid, the company urged shareholders to accept the improved Shandong offer.

The Shandong offer remained subject to a 50.1% minimum acceptance condition.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Columbus Stainless
Columbus Stainless

Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 0.929s - 140pq - 2rq
Subscribe Now