Cardinal Resources (ASX:CDV) say Nord Gold has increased their takeover offer

Company News

by Rachael Jones

Cardinal Resources (ASX:CDV) notes that Nordgold have increased the Offer Price in respect of their takeover bid from $0.66 to $0.90 cash per share.

While the $0.90 cash per share offered by Nordgold pursuant to the Revised Nordgold Takeover Bid is higher than the offer made by Shandong Gold Mining Co pursuant to its off-market takeover bid, Cardinal notes that it has obligations under the Bid Implementation Agreement (as varied) with Shandong Gold and Shandong Gold Mining Co., Ltd.

Having regard to the provisions of the Bid Implementation Agreement (which contain, amongst other matters, matching rights in favour of Shandong Gold) Shareholders are advised to TAKE NO ACTION at this time in relation to the Revised Nordgold Takeover Bid.

Shares in Cardinal Resources (ASX:CDV) are trading 25.52 per cent higher at 91 cents.