Cardinal Beckons Third Party Bidder Amid Takeover Stalemate

Cardinal Resources (ASX, TSX: CDV) released a statement on Wednesday expressing its disappointment with the Australian Takeovers Panel’s decision not to intervene in the takeover battle between Shandong Gold and Nordgold, which has hit an impasse due to the conundrum surrounding statements made by the bidders.

Earlier this week, the panel declined to proceed with intervention requests made by all of the parties, saying there was no reasonable prospect that the current situation between Shandong and Nordgold qualified as “unacceptable.”