Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) has received an increased offer price from Nord Gold SE in respect of its takeover bid for Cardinal, from 66 cents to 90 cents cash per share.
Nord Gold’s latest proposal came after back-and-forth bidding between the Moscow-based gold miner and Chinese state-owned Shandong Gold Mining Co., Ltd’s (SHA:600547) Hong Kong based subsidiary.
While the 90 cents cash per share offered by Nordgold is higher than the offer made by Shandong, Cardinal noted that it has obligations under an agreement with Shandong which contains matching rights in favour of Shandong.
Cardinal shareholders have been advised by the board of directors to take no action at this time in relation to the revised Nordgold takeover bid.
