Kalahari bid axed, Extract plunges

INVESTORS have offloaded shares in Extract Resources in morning trade after the would-be suitor of its largest shareholder, London-listed Kalahari Minerals, ditched its $A1 billion bid for the company following a ruling that it could not reduce the price of its offer.

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The UK Takeovers Panel’s Hearings Committee has rejected an appeal by Kalahari in relation to a lower offer from China Guangdong Nuclear Power Group.

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