CLAYTON Utz is advising ASX-listed iron ore exploration company Sundance Resources as it considers privately held Chinese company Hanlong Resources' sweetened bid to acquire the company.
The board of Sundance has backed an improved take-over offer from the Chinese conglomerate, which values the Central Africa-focused iron ore developer at $1.65 billion.
Sundance this week requested a trading halt to provide the market with an update on the 50c-a-share offer that the ASX-listed company had previously rejected as being too low.
The new 57 cents-per-share offer comes at 42.5 per cent premium to Sundance's last close.
Under the proposal, Hanlong - Sundance Resources' major shareholder - proposes to acquire the remaining shares in Sundance via a scheme of arrangement, at a price of A$0.57 cash per Sundance share attributing an approximate A$1.65 billion value.
Clayton Utz Perth corporate and M&A partner Mark Paganin is the firm's lead partner on the deal, with support from senior associate Kate Casellas.