The proposed takeover of Sundance Resources Limited (ASX:SDL)
with China’s Hanlong Mining has taken a step back as the iron ore developer emerged from a trading halt yesterday announcing it had agreed to extend its suitors’ funding date by about six weeks.
Investors expressed their doubts over the proposed deal with shares slipping more than 11 per cent yesterday.
Sundance has also agreed to push back the approvals date for its Congo Mining permit allowing for bonuses to be paid prior to the completion of the deal.
Hanlong has already acquired about 17 per cent of the company and launched its takeover bid in October last year.
Sundance Resources recorded a net loss of $25 million in the 2012 financial year.