Sundance Resources Limited (ASX:SDL) has once again said the Hanlong bid of 50 cents per share is too low.
Chief executive Guilio Casello told the Africa Down Under conference in Perth yesterday that the company still considers the $1.44 billion takeover bid undervalues the company, but discussions are continuing.
The Chinese company launched the offer in July, four months after it became Sundance’s largest shareholder.
Hanlong also recently made a hostile, 60 cent per share offer for Namibia-focused uranium explorer Bannerman Resources, valuing the target at $140 million.
For the second half of 2010, Sundance Resources (ASX:SDL) posted a loss of $9.2 million.
