Engineers & Planners Company Limited made an offer to acquire Cardinal Resources Limited (ASX:CDV) from Nord Gold SE, Shandong Gold Mining (Hong Kong) Co., Limited, Macquarie Group Limited (ASX:MQG), Samson Rock Capital LLP and others for approximately AUD 560 million on November 18, 2020. Engineers & Planners Company offered AUD 1.05 per share for 537.9 million shares. As per terms, 27.7 million options will also be acquired. In June 2020, Engineers & Planners Company Limited made an offer to acquire Ghanian gold mining assets of Cardinal, but has now decided to acquire the whole of Cardinal. The deal is conditional upon 50.1% minimum acceptance by Cardinal's shareholders and regulatory approvals (including Foreign Investment Review Board approval in Australia and approvals in Ghana by the relevant Authorities). The shareholders of Cardinal are advised to take no action. The offer is valid for acceptances until December 31, 2020. Bank of Montreal (TSX:BMO), Euroz Hartleys Limited, Maxit Capital LP and Canaccord Genuity Corp. acted as financial advisors while HopgoodGanim and Bennett Jones LLP acted as legal advisors for Cardinal.

Engineers & Planners Company Limited cancelled the acquisition of Cardinal Resources Limited (ASX:CDV) from Nord Gold SE, Shandong Gold Mining (Hong Kong) Co., Limited, Macquarie Group Limited (ASX:MQG), Samson Rock Capital LLP and others on December 30, 2020. E&P had announced that its proposed offer is conditional of minimum acceptance for 50.1% of cardinal shares. This key condition cannot be satisfied in light of the success of the higher, unconditional Shandong bid. Further, E&P does not intend to increase it proposed offer and will not proceed with its offer for Cardinal Resources.