Business

Nord Gold SE launches takeover bid for Cardinal Resources

Nord Gold SE yesterday offered to buy all shares in Ghana-focused gold miner Cardinal Resources Ltd it does not already own, valuing the Australian-listed company’s equity at A$3c47 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 per cent premium to a bid by China’s Shandong Gold Mining Co last month.

Nordgold is currently Cardinal’s largest shareholder with a voting power of 18.7 per cent, and had attempted to buy the company for about A$0.46 per share in March ($1 = 1.4306 Australian dollars).

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