Hanlong misses deadline for Sundance takeover bid

SYDNEY - Australia's Sundance Resources said on Tuesday its suitor China-backed Hanlong would not be able to meet a deadline to supply credit approval for its 1.3 billion AU dollars ($1.36 billion) takeover offer.

Sundance said in a statement that Hanlong Mining Investment Ltd has given formal notice that the credit approved term sheets required to be provided under the scheme implementation agreement (SIA) will not be delivered by the due date of March 26, 2013.

Sundance said that following the advice from Hanlong, Sundance and Hanlong are required to enter into a five-business-day consultation period under the agreement.

This period commences on Tuesday, March 26 and concludes on Wednesday April 3.

"If the parties fail to reach agreement during that period, either party may then terminate the SIA," Sundance said.

Sundance says it anticipates lifting its trading halt prior to the market open on Monday, April 8.

"Prior to this, the company will update the market on any material developments," it said.