A$1,230m Hostile Takeover of Summit Resources
As part of a long term relationship with Paladin, Azure Capital was engaged to manage the Hostile take-over bid for ASX listed Summit Resources Limited (Summit). The bid was launched in February 2007 and concluded in June 2007. During the bid, Summit negotiated a cornerstone stake with French nuclear group Areva, who were to receive Uranium marketing rights in return. Following this announcement, Paladin raised its offer price and won a recommendation from the Summit Board. The revised bid valued Summit at A$1.2 billion.