CARDINAL RESOURCES, UPDATE RE TAKEOVER 2020-11-18

Cardinal Resources Says Australia's Takeover Panel Declines to Interfere in Battle for the Company

4 hours ago by MT Newswires

08:12 AM EST, 11/18/2020 (MT Newswires) -- Cardinal Resources (CDV.TO) on Wednesday said the the Australian Takeovers Panel declined to step into the battle for the mining company, which is looking to decide between competing offers, even as it hopes for a higher bid to end the stalemate between two equal bids.

The company said it is disappointed by the panel's decision but it considering its options.

"Whilst Cardinal expresses its disappointment with the outcome, until such time as the Panel's reasons have been published Cardinal remains subject to certain standard undertakings provided to the Panel and is prevented from commenting further," it said in a release.

Nord Gold and Shandong Gold Mining are both bidding A$1.00 per share for Cardinal and both have declined to raise their offers to top the other, which Cardinal said may open the way for a third, higher bidder.

"Cardinal notes that an opportunity exists for a third party bidder (or a consortium of bidders) to make a competing offer for Cardinal at a price in excess of A$1.00 per share which would have the effect of freeing Shandong and Nordgold of their respective "best and final" statements," it said.

Cardinal shares closed down C$0.01 to C$0.96 Tuesday on the Toronto Stock Exchange.