Shares in Africa-focused Australia-based iron ore miner Sundance Resources Ltd. jumped 7.5 percent Monday after its board accepted a reduced takeover offer from China’s Hanlong Mining Investment Ltd.
Sundance said Monday it accepted a fresh 1.37 billion Australian dollar ($1.42 billion) offer, after Hanlong reduced its original offer by about one fifth.
Hanlong sliced its offer from 57 AU cents a share to 45 AU cents after Chinese regulators ordered the move following a fall in iron ore prices.
Sundance chairman George Jones said the company had decided to accept the reduced offer after extensive talks with Hanlong.
