The first conditional offer of 50c which GJ knocked back and said was too low and had too many conditions was back in July of 2011.
Hanlong urged to drop Sundance conditions PUBLISHED: 03 Aug 2011
Sundance Resources isn't in principle against a takeover by China's Hanlong Mining, but the price has to be right and conditions need to be dropped, chairman George Jones says.
Hanlong last month told Sundance it intended to make a conditional offer of 50¢ per share, valuing the West Africa-focused iron ore explorer at $1.43 billion.
Sundance was trading at 49 ¢ on July 18, when the offer was made, and was at 51¢ during afternoon trade on Wednesday.
However, the stock traded at 62¢ on January 4.
"We're fundamentally not opposed to the concept if they get the numbers right and drop the conditions," Mr Jones told reporters at the Diggers and Dealers mining conference in Kalgoorlie, Western Australia on Wednesday.
He said the conditions were unacceptable to the board and complex discussions continued with Hanlong to make the proposal more palatable to shareholders.
On Hanlong's stated plans to become "the fourth force in iron ore", Mr Jones said the Chinese state-owned entity would need to get moving because Fortescue Metals Group, the "third force in iron ore", was way out in front.
Sundance, which is developing a $4.6 billion iron ore project, is aiming to secure a joint venture or bow to Hanlong’s takeover offer by the end of 2011, Mr Jones told reporters earlier.
“I hope to enjoy my Christmas holidays,” he said.
SDL Price at posting:
26.5¢ Sentiment: None Disclosure: Held
