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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