Shandong Gold to seal Cardinal acquisition
The fight for Cardinal Resources ownership is nearing a conclusion after all of the company’s directors accepted Shandong Gold Mining’s takeover bid.
The news came a day after Shandong Gold extended its offer period for Cardinal to January 19, urging all remaining shareholders to accept the offer.
Shandong Gold is offering $1.075 for every Cardinal share, which will be dispatched to Cardinal shareholders within three business days of their acceptance.
Shandong has progressively secured its interest in Cardinal, from nearly 13 per cent to 65.55 per cent within the last month to 82.56 per cent as of two days ago (January 11).