Takeover target Cardinal Resources has backed an increased offer from suitor Shandong Gold Mining, which was offering shareholders 70c in cash for each share not already owned.
Shandong recently increased its bid for the ASX and TSX-listed Cardinal from the 60c a share offered in June this year, to 70c a share, after a competing bid from shareholder Nordgold emerged, which offered Cardinal shareholders 66c in cash for each of their shares held.