Business
Cardinal Resources (ASX:CDV) share price rises on 3-way takeover deadlock
The Cardinal Resources Ltd (ASX: CDV) share price has risen by nearly 1% after the mining company announced one of the suitors in the three-way battle to take it over has upped the stakes.
Cardinal announced that Russia’s Nord Gold has now increased its offer to $1.05 per share, up from 90 cents previously. In early morning trading, the Cardinal share price has increased to $1.08 after closing yesterday’s session at $1.07.
Three-way deadlock
Cardinal has been pursued as a takeover target by three different companies, all with the same offer price of $1.05.
In June, Cardinal received a takeover bid from Hong Kong-based Shandong Gold at an offer price of 60 cents per share, valuing the company at around $300 million. The Chinese…
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