Hanlong Misses Deadline for $1.19 Billion Sundance Iron Bid
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The missing billionaire chairman of Sichuan Hanlong Group, reportedly in police custody, faces the collapse of his company’s $1.19 billion takeover of Australia’s Sundance Resources Ltd. as a term-sheet deadline looms.
Closely held Hanlong won’t deliver a term sheet to acquire Sundance by 5 p.m. in Perth today and the deal can be ended if further talks don’t lead to an agreement by April 3, Sundance said in a statement. The target said March 21 it hasn’t been able to reach Liu Han and the official Xinhua News Agency reported March 22 that a man with the same name is under investigation for sheltering a murder suspect.