China’s Hanlong Mining has reportedly cut its $1.7 billion takeover offer for Sundance Resources Limited (ASX:SDL) by 21 per cent.
In the wake of softening iron ore prices numerous reports have now emerged claiming Hanlong has cut the offer price from 57 cents per Sundance share to between 40 cents and 45 cents.
The West Africa focused iron ore developer advised earlier this month it is still in talks with its suitor and shareholder regarding a reasonable acquisition price.
Shares in Sundance Resources entered into a trading halt earlier this month and last traded at $0.335.
In the first half of the 2012 financial year Sundance Resources posted a net loss of $14.4 million.