{"id":1195933,"date":"2020-07-15T09:00:00","date_gmt":"2020-07-15T14:00:00","guid":{"rendered":"https:\/\/www.mining.com\/?p=1029796"},"modified":"2020-07-15T09:00:00","modified_gmt":"2020-07-15T14:00:00","slug":"cardinal-resources-takeover-battle-heats-up","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1195933","title":{"rendered":"Cardinal Resources takeover battle heats up"},"content":{"rendered":"

Russian miner Nordgold (LON: NORD) is offering to buy all shares in Ghana-focused Cardinal Resources<\/a> (ASX: CDV) it does not already own, valuing the Australian-listed company\u2019s equity at A$347 million ($243 million).<\/p>\n

Nordgold, whose non-executive chairman is billionaire Alexey Mordashov, is currently Cardinal\u2019s largest shareholder with a voting power of almost 19%.<\/p>\n

The Moscow-based company had attempted to buy the Australian gold producer for about A$0.46 per share in March<\/a>.<\/p>\n

Its new bid of A$0.66 per Cardinal share represents an 11.9% premium to its last close, as well as a 10% premium to a $221 million-offer put forward by China\u2019s Shandong Gold Mining last month<\/a>.<\/p>\n

The West Perth-based miner recommended shareholders to accept Shandong\u2019s proposal, noting it represented a 31.1% premium to Nordgold\u2019s preliminary bid.<\/p>\n

Such offer was subject to a 50.1% minimum acceptance condition, as well as Australian and Chinese regulatory approvals.<\/p>\n

Under review<\/strong><\/h2>\n

Cardinal said on Wednesday<\/a> it would consider Nordgold\u2019s new offer, but noted it had obligations under the bid implementation agreement inked with Shandong Gold last month.<\/p>\n

It also pointed out that the Nordgold bid had been unsolicited, urging its shareholders not to take any action until a recommendation can be made.<\/p>\n

Cardinal holds an interest in a number of tenements within Ghana, and is currently focused on the development of its Namdini project, which has an ore reserve of about 5.1 million ounces.<\/p>\n

Nordgold, which acquired many of its major assets during the 2008-2009 financial crisis, owns several gold mines in Africa, including Bissa in Burkina Faso and Lefa in Guinea and<\/p>\n

It also operates in Russia and Kazakhstan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Its major shareholder, Russia’s Nordgold, has improved its takeover bid<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1195933"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1195933"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1195933\/revisions"}],"predecessor-version":[{"id":1195969,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1195933\/revisions\/1195969"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1195933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1195933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1195933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}