Perth-based Sundance Resources has told the market that its Chinese suitor Hanlong can’t meet a deadline to provide credit notes that would prove it can finance a takeover, with the deal now on the rocks.
Hanlong had until 5PM this afternoon to stump up with a proof of credit approval for its proposed $1.3 billion takeover of the Africa-focused iron ore explorer, but this afternoon Sundance told the market that the company would not be coming through.
Sundance boss Giulio Casello said that now both companies need to have five working days of consultation, before either party can kill the deal.
Casello also confirmed that Sundance shares would be taken out of their trading halt before 8 April. It last traded at 21 cents.
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