Private enterprises in Sichuan Hanlong Group (hereinafter referred to as "Chinese Dragon") is waging a price tug of war with the Australian iron ore company Sundance.
August 15, the one involved in the the O'Hanlon acquisition of Sundance's investment who told this reporter, O'Hanlon has been the purchase price from A $ 0.57 / share to A $ 0.45 / share, the Sundance board of directors adhere to the requirements of not less than 0.47 A $ / share, the two sides on the new purchase price to start negotiations, is expected next week to finalize a new offer.
The source further explained O'Hanlon "bargain" of reasons, from the current downturn, commodity prices O'Hanlon on September 30 last year and the Sundance finalized the acquisition of Australian exports to China's iron ore prices have fallen by about 35% the Sundance's shares fell nearly 30 percent.
O'Hanlon's lower prices will also the Sundance push dilemma.
"Sundance shareholders certainly do not want to accept the price of A $ 0.45 / share, the bottom line with their original price of 0.5 Australian dollar / share gap is too big, but if you do not accept the new price of O'Hanlon, no one seems willing to take over, Sundance accepted the possibility of lower prices sex greatly. "the source said.
The O'Hanlon formal acquisition of Sundance began last March. At that time, the Group O'Hanlon O'Hanlon Mining acquisition Sundance18.6% of the shares to become the single largest shareholder of Sundance, and July 15 in the same year, Sundance launched a wholly-owned tender offer, the per share purchase price of A $ 0.5 . September 30, the two sides reached a wholly-owned acquisition agreement, the final purchase price of A $ 0.57 per share, the acquisition of the total amount of approximately $ 1.7 billion (contract 11.35 billion yuan).
Interesting is that this acquisition is a dramatic.
In June 2010, all members of the Sundance board of directors to take the same aircraft to Cameroon inspection iron ore project, the crash, which also happens to be the follow-up acquisition of O'Hanlon provide the opportunity, but in the acquisition process, O'Hanlon is responsible for the management of the acquisition The layer is exposed the insider trading scandal.
The progress of events does not end there, with the in-depth survey of the relevant agencies of Australia, O'Hanlon management have also involved in the case.
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