Summit responds to Paladin offer allegations in letter 12:17, Wednesday, 7 March 2007
Sydney - Wednesday - March 7: (RWE Aust Business News) - Summit Resources (ASX:SMM) has received a letter from lawyers acting for Paladin (ASX:PDR) in its hostile takeover bid for Summit which states that Summit has misled its shareholders in its direction letter recommending rejection of the offer. Summit said today it did not regard the issues that the lawyers raised in the letter as being material to the decision by shareholders about accepting or rejecting the offer. However, it said, if it did not respond publicly to the assertions, the lawyers would most likely make an application to the Takeovers Panel in respect of the allegations. Summit directors continue to urge shareholders to take no action on the Paladin offer.
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