Sundance seals Hanlong takeover deal

Company News

Iron ore explorer Sundance Resources Limited (ASX:SDL) has accepted China’s Hanlong Mining’s takeover offer which was recently reduced to $0.45 per share.

The reduced offer from $0.57 came after Chinese regulators ordered a reduction in price due to soft iron ore prices.

The revised offer values Sundance at $1.37 billion. Chairman George Jones says the board has concluded the deal is in the best interests of shareholders.

Sundance Resources booked a net loss of $14.4 million in the first half of the 2012 financial year.

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