Sundance Resources (ASX:SDL) is an Australian-based international iron ore company developing the Mbalam Project in the Republic of Cameroon in the central west coast of Africa.

The group entered into a trading halt yesterday ahead of a planned announcement on the takeover offer from Hanlong.

The announcement, which was made today, said that SDL has backed a revised $1.65 billion bid from Hanlong.  The bid was sweetened from the previous $1.44 billion.

At 57 cents per share, the offer represents a 33% premium to SDL’s last closing price on 30 September.

SDL was one of the hot stocks in the weeks surrounding the original offer that was made in July.

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Sundance Resources (ASX:SDL) is an Australian-based international iron ore company developing the Mbalam Project in the Republic of Cameroon in the central west coast of Africa.

Today SDL has been rocked by allegations a Hanlong Mining director is being investigated by ASIC for insider trading.  In July, Hanlong made a $1.2 billion takeover offer for SDL.

ASIC has made interim orders preventing Hanlong’s managing director from leaving Australia, and has frozen assets of other Hanlong staff members.

In response, SDL said its company strategy will be unchanged despite the probe.

SDL shares have been hammered on the back of news.  It has been one of the worst performers in the stock market in today’s session.

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Sundance Resources (SDL) is an Australian-based international iron ore company developing the Mbalam Project in the Republic of Cameroon in the central west coast of Africa.

SDL is advancing a significant exploration program and feasibility studies on the project based on production of 35 million tonnes per year hematite.

It was also one of the hot stocks in the final months of 2010, surging from around 15 cents in September to a high around 60 cents by December.

Recently, the group had to deny newspaper reports that its majority shareholder Hanlong Mining is looking to make a full takeover offer.

SDL said on 16 May that it may sell up to 50% of its interest in the Mbalam Iron Project to a strategic partner.

The group is confident of successfully introducing a strategic partner to the project by the end of June 2011.

SDL shares rocketed 11% on the day of the takeover speculation, making it one of the best performers in the Australian share market.

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