Engineers and Planners will not proceed with its proposed offer for Cardinal Resources (ASX:CDV).
Back in November they offered $1.05 per share for all of the shares in Cardinal Resources.
Since the release of Engineers and Planners bidder’s statement, circumstances in relation to Cardinal have changed materially. Also on Christmas eve, Dongshan Investments proposed a conditional bid of $1.20 per Cardinal share.
Engineers and Planners do not intend to increase their bid.
Shares in Cardinal Resources (ASX:CDV) are trading 0.5 per cent lower at $1.07.