Missed Deadline Deals Blow To Hanlon's $1.5B Miner Buy

Law360, New York (March 26, 2013, 2:26 PM EDT) -- China's Hanlong Mining Investment Pty. Ltd., chasing a AU$1.4 billion (US$1.5 billion) takeover of Australian miner Sundance Resources Ltd., missed Tuesday's deadline to show credit approval for the purchase, threatening to stall out the long-delayed sale once and for all, Sundance said Tuesday.

The skipped deadline triggered a five-day window for discussions between the companies. Hanlong and Sundance will have through April 3 to decide whether to proceed with the proposed deal, first announced in October 2011, despite the latest setback.

“If the parties fail to...
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