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Cardinal Resources recommends takeover bid from Shandong Gold Mining

Shandong’s latest proposal came after back-and-forth bidding between the Hong Kong-based gold miner and Moscow-based Nord Gold SE.

Cardinal Resources Ltd - Cardinal Resources recommends takeover bid from Shandong Gold Mining
Shandong is already a substantial shareholder in Cardinal, owning 26 million shares for a 4.94% stake

Cardinal Resources Ltd (ASX:CDV) chairman Kevin Tomlinson has urged the company’s shareholders to accept a takeover bid from Shandong Gold Mining Co., Ltd’s (SHA:600547) Hong Kong based subsidiary.

Shandong’s offer is to acquire all of Cardinal’s shares at a price of 70 cents each.

This revised proposal was received by Cardinal on July 23, and is the latest in a number of competing bids between the Chinese state-owned Shandong and Russia’s Nord Gold SE.

Cardinal price per share compared to the value of the offer

Shandong’s latest proposal, which has been unanimously supported by Cardinal’s board of directors, represents a 6.1% premium compared to Nord Gold’s highest bid.

Cardinal noted the fact that no superior proposal has emerged to date, and that it did not foresee any risks associated with the acceptance of the offer.

The company’s shareholders have until October 13, 2020, to communicate their preference.

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Price: 1.055 AUD

ASX:CDV
Market: ASX
Market Cap: $560.52 m
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