UK-based Nord Gold (Nordgold) said that it would supplement its A$1 ($0.7) per share on-market takeover offer to Australian gold miner Cardinal Resources with an off-market offer on equivalent terms.

Both Nordgold and Shandong Gold Mining (HongKong) have been outbidding each other for more than seven months for the takeover of Cardinal Resources, which is a West Africa-focused a gold exploration and development company.

Nordgold’s latest move comes after Shandong Gold disclosed intentions to raise its bid to A$1.05 ($0.74) per share if a higher competing offer to its existing A$1 ($0.7) per share is either made or offered.

The UK-based miner has accused Shandong Gold of making a misleading statement and expects its off-market takeover offer to partially redress it. Earlier this month, Shandong Gold declared that its A$1 ($0.7) per share in cash is the best and final price in the absence of a higher competing offer.

Nordgold said that its off-market offer for Cardinal Resources will be unconditional and is best and final in the absence of any higher competing offer.

Nordgold willing to increase the offer price for Cardinal Resources

The company said that if a higher competing offer is made, then it could increase its offer price under its off-market offer to A$1.05 ($0.74) per share or another price that may defeat it also and any competing offer from Shandong Gold.

Nordgold stated: “Shareholders who accept the off-market offer will therefore benefit from any increase to the offer price, should there be a higher competing offer and a subsequent increase from Nordgold.

“Nordgold believes that this removes any perceived advantage of the Shandong Offer by virtue of the misleading statements it has made.”

The UK-based gold miner is the largest shareholder in Cardinal Resources with a stake of about 28%.

Currently, the Australian miner is focusing on advancing its fully-permitted Namdini Project in Ghana. The gold project is estimated to have proved and probable ore reserve of 5.1Moz.