Cardinal hoping for third bidder

Takeover target Cardinal Resources on Wednesday said it was disappointed with the Australian Takeovers Panel’s decision not to intervene in the furor surrounding its ownership.

The Takeovers Panel earlier this week declined an intervention request from all of the parties, saying there was no reasonable prospect that the current situation between Shandong and Nordgold qualified as ‘unacceptable’, adding that Shandong’s qualification in its last and final statement was not ambiguous, and that Nordgold’s matching of the Shandong offer and seeking to hold the Chinese bidder to its last and final statement was not a misuse of the “truth in takeovers” policy.