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A mining company with a big New Zealand investor base, Summit Resources, has rejected a A$1 billion ($1.13 billion) takeover from Paladin Resources.
Summit said it was in a better position to develop the pair's jointly owned uranium resource in Queensland, and deemed the offer opportunistic and inadequate.
It said it did not reflect the value of its uranium, base metal and iron ore assets.
"Paladin's bid for Summit is hostile, although not unexpected," Summit managing director Alan Eggers said.
