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.
 
O'Hanlon "bargain"
 
O'Hanlon out the new price lower by about 21 percent compared with September last year to finalize the purchase price, the acquisition of the total amount of shrink more than 350 million Australian dollars (Contract 2.38 billion yuan).
 
Involved in the acquisition investment sources told this reporter, the O'Hanlon reserve price is the 0.4 Australian dollars / share, several rounds of negotiations the two sides O'Hanlon price increased to 0.5 A $ 0.45 A $ / share, from the psychological price of the Sundance / share , fell to 0.47 dollars / share.
 
Another close O'Hanlon in Hong Kong, the management of mining who told this reporter that O'Hanlon's price adjustment, First O'Hanlon acquisition of capital is scarce, objective economic environment has deteriorated.
 
In accordance with the acquisition progress, O'Hanlon plan before August 31 this year, the CDB's credit approved term sheet. Prior to the O'Hanlon told this reporter that the CDB to provide loans for the acquisition "no problem", "banks are racing to give us loans", but until the present, O'Hanlon has not yet been CDB loan commitment.



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