FinTechFunding

Cardinal Resources: Receives new takeover bid from NordGold

  • 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
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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