Cardinal Resources shares surge to all-time high after Shandong Gold makes revised takeover bid

Cardinal Resources Ltd (ASX:CDV) (TSX:CDV) shares have surged to an all-time high of A$1.03 today after receiving a A$1 per share off-market takeover bid from Shandong Gold Mining (Hong Kong) Co Limited. Shandong’s latest proposal came after back-and-forth bidding between Moscow-based gold miner Nord Gold SE and Chinese state-owned Shandong Gold Mining Co., Ltd’s (SHA:600547) Hong Kong based subsidiary. Matching rights in favour of Shandong Last week, Cardinal received an increased offer price from Nord Gold in respect of its takeover bid, from 66 cents to 90 cents cash per share. However, Cardinal has obligations under an agreement with Shandong which contains matching rights in favour of Shandong. Based on the matching rights provisions, Cardinal has now received a further improved offer from Shandong to acquire all the shares in Cardinal at a price of A$1 per share. Regulatory approvals secured While the new offer is no longer subject to Chinese Regulatory Approvals or Australian Foreign Investment Review Board (FIRB) approval, it remains subject to a number of conditions, including the minimum acceptance condition of 50.1%.  The further improved offer from Shandong is now being carefully considered in detail by Cardinal’s board. Cardinal shareholders have been advised by the board to TAKE NO ACTION in relation to their shares at this time.