leadf
logo-loader
viewCardinal Resources Ltd

Cardinal Resources advises shareholders to take no action on Nord Gold’s increased takeover offer

The enhanced offer price from Nord Gold has resulted in Cardinal’s shares surging 26% today from 72 cents to 91 cents.

Cardinal Resources Ltd - Cardinal Resources advises shareholders to take no action on Nord Gold’s increased takeover offer
Cardinal has an agreement with competing bidder Shandong Gold Mining which contains matching rights in favour of Shandong

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.

Quick facts: Cardinal Resources Ltd

Price: 1.07 AUD

ASX:CDV
Market: ASX
Market Cap: $593.16 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cardinal Resources Ltd named herein, including the promotion by the Company of Cardinal Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Full interview: Cardinal Resources delivers Namdini gold feasibility study...

Cardinal Resources Ltd (ASX:CDV) chief executive officer and managing director Archie Koimtsidis updates Proactive on delivering a pleasing feasibility study for the Namdini Gold Project in Ghana, West Africa which confirms it as a tier-one gold project. The CEO said the FS demonstrates a...

on 13/11/19

2 min read