Sundance takeover hits ongoing delays

Company News

Sundance Resources Limited (ASX:SDL) has extended a trading halt until February 11 pending China’s National Development and Reform Commission (NDRC) granting suitor Hanlong Mining an extension to its provisional takeover approval.

Sundance anticipates the NDRC will grant the extension prior to Chinese New Year which commences on February 9.

The iron ore explorer says it will release a revised Scheme timetable once the provisional extension is confirmed.

The company expects the scheme and the takeover will be finalised in early June.

Hanlong’s offer has come in from 57 cents to 45 cents a share, totalling $1.3 billion, in the wake of world iron ore prices falling, although they have since somewhat recovered.

Sundance Resources reported a net loss of $25.3 million in the 2012 financial year.