The A$1.4bn takeover tussle for Sundance Resources has taken another unexpected turn, with the Australian iron ore explorer revealing Chinese suitor Hanlong Mining is likely to miss a key bidding deadline.
Hanlong has until next Tuesday to prove it has financing for the takeover offer, which was launched in October 2011. If it cannot provide the necessary paperwork, Sundance can walk away from the deal.
“Hanlong has not finalised discussions with potential large Chinese partners in accordance with the requirements set by China’s National Development and Reform Commission,” Perth-based Sundance said in a statement.
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