This is an absolute farce! "people familiar with the matter said..." "one of the people said..." "a separate person familiar said..."
Who is policing this bullshit?
Hanlong reduces bid price for Sundance again
by: Gillian Tan From: Dow Jones Newswires August 14, 2012 2:54PM
CHINA'S Hanlong Mining has reduced its offer for Sundance Resources to $1.37 billion, a 21.5 per cent shaving on its earlier 57-cents-a-share bid offer, people familiar with the matter said.
It is the second time Hanlong has reduced its offer this month amid weak iron ore prices. On August 1, a separate person familiar with the matter said Sundance's board of directors was prepared to recommend a reduced offer of 50c a share.
The latest offer stands at 45c a share, one of the people said, adding that negotiations were continuing.
Sundance earlier this month said China's National Development and Reform Commission had provisionally approved Hanlong's proposed takeover of the ASX-listed iron ore explorer, on the condition the acquisition price was "reasonable".
Sundance, which owns the Mbalam iron-ore project on the border of the Republic of Cameroon and the Republic of Congo, has targeted November to complete the takeover.
Mbalam aims to mine 35 million tonnes of iron ore annually, making it an attractive prospect amid efforts to reduce China's dependence on Australia for the key raw materials used in steelmaking.
Sundance shares, which remain suspended amid the continuing negotiations, last traded at 33.5c.
SDL Price at posting:
33.5¢ Sentiment: None Disclosure: Held
