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It's up to Hanlong

SUNDANCE Resources chairman George Jones said the success of a billion-dollar takeover proposal by Hanlong Mining was now in the hands of the Chinese suitor, although he expressed confidence a deal would be cemented by year's end.

SUNDANCE Resources chairman George Jones said the success of a billion-dollar takeover proposal by Hanlong Mining was now in the hands of the Chinese suitor, although he expressed confidence a deal would be cemented by year's end.

Speaking after addressing the Diggers & Dealers conference, Mr Jones would not be drawn on how talks with Hanlong were progressing, other than to say Sundance had made clear to its potential suitor what acceptable takeover terms were.

Mr Jones said the success of the takeover talks now rested with the Chinese group.

Hanlong last month proposed a 50? a share conditional takeover that valued Sundance at $1.44 billion. Although Sundance said the bid was too low, it has agreed to further talks with Hanlong, which is also the Perth company's 18 per cent shareholder.

Sundance continues to be in talks with parties wanting to buy into its Mbalam iron ore project in Cameroon, a process that could be scuppered by a successful Hanlong bid. Mr Jones would not be drawn on an appropriate bid price or timetable.

"I believe that an acceptable assessment will come out of it [the talks] and hopefully it won't be much longer."

Sundance shares fell 1? to 50.5?.


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