July 14, 2020 / 11:24 PM / a month ago

Nord Gold SE launches takeover bid for Cardinal Resources

(Reuters) - Nord Gold SE on Wednesday offered to buy all shares in Ghana-focused gold miner Cardinal Resources Ltd (CDV.AX) it does not already own, valuing the Australian-listed company’s equity at A$347 million ($243 million).

The UK-headquartered miner’s offer price of A$0.66 per Cardinal share represents an 11.9% premium to its last close, as well as a 10% premium to a bid by China’s Shandong Gold Mining Co (600547.SS) (1787.HK) last month.

Nordgold is currently Cardinal’s largest shareholder with a voting power of 18.7%, and had attempted to buy the company for about A$0.46 per share in March.

Reporting by Arundhati Dutta in Bengaluru; Editing by Lincoln Feast.

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