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Hanlong ups bid for Sundance Resources
From:The Australian
October 03, 20112:19PM
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CHINA'S Sichuan Hanlong Group has upped its $1.44 billion buyout offer for Sundance Resources, say sources.
Sundance, which today entered a trading halt, has previously rebuffed Sichuan Hanlong's 50 cents-a-share cash bid. Sundance last traded at 43c.
But sources said today Hanlong had upped its offer to 57c a share, with the details to be unveiled by tomorrow.
Sichuan Hanlong already holds 18.6 per cent of Sundance, which hopes to produce 35 million tonnes a year of iron ore from its Mbalam project on the border of Cameroon and the Republic of Congo, with construction of a 510 kilometre railway and port costing $US7.79 billion due to start before the end of this year.
Last month a court agreed to extend the asset freeze and travel restrictions imposed on former senior executives of Hanlong Mining, who are being investigated for alleged insider trading.


The Supreme Court of New South Wales extended the orders against former managing director Steven Hui Xiao and former Vice President Calvin Zhu until November 17, while Xiao's wife Xike Hu had her assets frozen until the same date, following an application by the Australian Securities and Investments Commission.
ASIC said in early September it was investigating suspected insider trading activities related to bids for Australia-listed resources companies Bannerman Resources and Sundance. It said at the time its investigation was at an early stage and it hasn't disclosed the substance of its case.
Additional reporting: Dow Jones Newswires
https://www.theaustralian.com.au/business/mergers-acquisitions/sundance-resources-halted-ahead-of-update-on-bid-from-hanlong/story-fn91vdzj-1226157016247
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