Cardinal Resources directors accept takeover offer from Shandong Gold Mining

Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) directors who collectively hold about 6.07% of the company’s shares have accepted the takeover offer from Shandong Gold Mining Background Last week, Cardinal’s board of directors unanimously recommended shareholders to accept the increased A$1 per share off-market takeover bid from Shandong. Shandong’s increased bid was part of a back-and-forth bidding war between Moscow-based gold miner Nord Gold SE and Chinese state-owned Shandong Gold Mining Co., Ltd’s (SHA:600547) Hong Kong based subsidiary. Next steps Cardinal directors have instructed their brokers/controlling participants to initiate acceptance of the off‐market takeover offer by Shandong in respect of all of the Cardinal shares they own or control.  The Shandong offer remains subject to a number of standard market conditions for a transaction of this nature (including primarily, 50.1% minimum acceptance by Cardinal shareholders).