Australia-based miner Sundance Resources has announced that it has accepted the proposal of Hanlong Mining, a subsidiary of Sichuang Province-based Chinese industrial conglomerate Sichuan Hanlong (Group) Co., concerning the revision of its takeover offer.
According to the new scheme implementation agreement, the takeover price is revised to A$0.45 per share compared to A$0.57 per share in the original agreement signed in October 2011. The companies also agreed to a several amendments in the agreement to ensure that Hanlong will be able to fulfill its obligations and complete the takeover by the end of the 2012 calendar year.
The takeover deal which is still subject to final approval from China's National Development and Reform Commission (NDRC) and the Cameroon and Congo governments is expected to be completed by mid-December.