One analyst said it was extremely positive for Sundance, even if the offer price was reduced to 50c a share. "That still suggests a 49 per cent upside from the current share price and would represent a significant outperformance compared to the rest of the African iron ore explorer-developer sector over the past 12 months," the analyst said.
"While it is disappointing that the original bid price is likely to fall, the stock had never really traded sustainability at that price and has been trading at a significant discount in recent months."
SDL Price at posting:
33.5¢ Sentiment: Buy Disclosure: Held
