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.