Hong Kong-based Shandong Gold Mining has increased its takeover offer for ASX- and TSX-listed Cardinal Resources to 70c a share.
Cardinal in June this year recommended that shareholders accept a 60c-a-share takeover offer from Shandong Gold Mining, but was last week presented with a competing bid from shareholder Nordgold, which was offering Cardinal shareholders 66c in cash for each share held.
Cardinal said on Thursday that the increased offer from Shandong Gold Mining is being considered in detail by the board, as well as a special committee and the company’s financial and legal advisers.