Sundance Resources suspends sharesSHARES in Sundance Resources...

Sundance Resources suspends shares

SHARES in Sundance Resources have been suspended from trade amid reports China's Hanlong Mining has lowered its $1.65 billion takeover offer.

Sundance placed its shares in a trading halt on Tuesday, saying it was preparing to make an announcement about whether the Chinese regulator, the National Development and Reform Commission, had approved Hanlong's takeover bid.

But today, Sundance requested a voluntary suspension of its shares pending the release of an announcement regarding the Chinese regulator's approval of the deal.

"The announcement to lift the voluntary suspension is anticipated prior to market open on Thursday, 9 August, 2012," Sundance said.

Media reports have suggested that the Chinese regulator had given the green light to the deal on the condition that Hanlong lowered its offer price from 57 cents a share to 50 cents.

The lower offer price would value Sundance at $1.5 billion.

The takeover was delayed by six months, at Hanlong's request in May, with the suitor struggling to secure financing in China.

However, Hanlong's first public display of interest came when it took a 15.95 per cent, $19.1 million stake more than 16 months ago, in March, 2011.

The delay and investor fears of an economic slowdown in China have sent Sundance's share price down by 30 per cent in the last 10 weeks.

Link - http://www.perthnow.com.au/business/sundance-resources-suspends-shares/story-e6frg2r3-1226441153624