Two M&As in the energy and resources sector are on the rocks, with Bendigo Mining (ASX:BDG) and BCD Resources (ASX:BCD) calling off their merger, while Northern Energy (ASX:NEC) unanimously rejected a takeover offer from New Hope Corporation (ASX:NHC).
Shares in BCD Resources have fallen 65.3% to $0.052 since its merger with Bendigo Mining was cancelled.
In a statement, Bendigo said it called off the merger agreement after receiving information from BCD that did not satisfy the requirements of the loan agreement. BCD has agreed to pay Bendigo's pre-completion loan and its interest.
The companies first announced an intention to merge on July 22.
Separately, Northern Energy said New Hope's unsolicited $193 million takeover offer undervalues the company and its assets.
The company has advised shareholders to take no action on the offer.
BDG shares are currently 8.7% higher at $0.250, NEC shares are up 0.6% to $1.585, while NHC is 0.19% higher at $5.300.