Company News Summary
Sundance Resources Announces FIRB Approves Acquisition by Hanlong
Original announcement: FIRB approves Hanlong acquisition of Sundance
Sundance Resources announced that Sichuan Hanlong Group Co. has advised the company that the Australian Government Foreign Investment Review Board (FIRB) has no objection to Hanlong's proposed acquisition of the company. Under the Scheme Implementation Agreement (SIA), FIRB approval was required by 30 June 2012. Hanlong has also advised that it continues to work with China's National Development and Reform Commission to obtain the provisional approval also required by the 30 June deadline. The support shown by FIRB will assist Hanlong in obtaining the requisite approvals in China. FIRB approval represents another significant step towards completion of the SIA, under which Hanlong will pay 57 cents a share to acquire the company.
See more ASX300 News Announcements