The Takeovers Panel has rejected a request from Cardinal Resources Limited (ASX:CDV) to improve separate takeover offers from Nord Gold SE and Shandong Gold Mining (Hong Kong) Co., Limited. Cardinal is the subject of a six month-long takeover battle between Nordgold and Shandong, which have both offered to buy Cardinal for $1 per share. Nordgold had first offered to buy Cardinal in March, 2020 for 46 cents per share. That was beaten by an offer from Shandong in June, 2020 of 60 cents per Cardinal share. Both Nordgold and Shandong have declared their $1 per share bids for Cardinal as 'best and final'. Cardinal and its 5.5% -shareholder Samson Rock Capital submitted an application to the Australian Takeovers Panel late last month (October, 2020), requesting that Nordgold and Shandong be permitted to raise their offer prices above $1. That was under the condition that the successful bidder would compensate any person who had sold their Cardinal shares on-market after the bidder's 'best and final' statement. The panel, however, has declined to conduct proceedings. "The panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances," it said this morning. But the panel said "Shandong did not provide sufficient probative material" in its application. The panel is due to publish its reasons for both decisions.