what a joke of a bid - management desperate

Extract Resources, Kalahari Minerals, China Guangdong Nuclear Power Corp

Perth-based uranium explorer Extract Resources appears to be in play now that its major shareholder Kalahari Minerals has a price from its suitor. Last night the UK-based Kalahari announced that it was in discussions with China Guangdong Nuclear Power Corp over a 243.55 pence ($3.78) a share offer. A little bit of heat has come out of Guangdong, with this bid 7 per cent lower than the offer from May and 16 per cent off the bid put before the Japanese nuclear disaster. But it still translates to an offer of around $8.86 for Extract if, as expected, Guangdong complies with ASX rules and lobs a bid for the Australian-listed company.