Sundance Board OKs Reduced $1.5B Bid From Hanlong

Law360, New York (August 27, 2012, 4:34 PM EDT) -- With iron ore prices falling, Australian mining outfit Sundance Resources Ltd. on Friday accepted a lowered AU$1.4 billion (US$1.5 billion) takeover bid from China's Hanlong Mining Investment Pty Ltd., which had been under pressure from the government to reduce its previous offer.

The latest bid from Hanlong, a subsidiary of privately owned Sichuan Hanlong Group Co. Ltd., is the result of an Aug. 2 directive from China's National Development Reform Commission to find a more “reasonable acquisition price” for the Australian iron ore producer than the...
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