Paladin launches hostile takeover
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Tuesday, 27 February, 2007 - 22:00
SUBIACO-BASED minerals explorer Paladin Resources Ltd has launched a hostile $1 billion takeover offer for West Perth base metals company Summit Resources Ltd. The offer comprises one Paladin share for every 2.04 fully paid ordinary Summit shares held, implying a price per share of $5.12 based on recent trading levels, and values the company at about $1.01 billion.