- Cardinal Resources has received a new on-market takeover bid from NordGold, upping the ante in the bidding war with Shandong Gold
- NordGold’s offer of 90 cents per share — a 28.6 per cent premium to Shandong’s last offer — expires on September 10
- Cardinal has been quick to advise shareholders to take no action as the company has obligations under a previous agreement with Shandong
- Under the terms of that agreement, Shandong has the option to match any subsequent offers
- Shandong’s current bid stands at 70 cents per share and would require more than 50 per cent of shareholders to get onboard for the takeover to go-ahead
- Cardinal Resources is trading 26.21 per cent higher at 91.5 cents
