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Paladin Energy's takeover offer for Summit becomes unconditional

Paladin Energy Ltd. said Oct. 8 that its takeover bid to acquire Summit Resources Ltd. has been declared unconditional after increasing its voting power in Summit to 97.24%.

In August, the Australia-listed uranium producer, which initially held an 82.08% interest in Summit, offered 1 share for every Summit share held. The offer price represents about 20.2 Australian cents per Summit share, a 68.33% premium to the stock's July 31 closing price, valuing the company at approximately A$44 million.

The deal is expected to close Oct. 12.

Summit operates the Isa joint venture between the two companies and owns the Mount Isa North uranium property; both are in Queensland, Australia.