Perth, 2 March 2012: Clayton Utz is advising ASX/TSX/NSX listed Extract Resources Limited (Extract) in connection with the $2.2 billion recommended unconditional cash offer by Taurus Mineral Limited, an entity owned by Chinese state-owned CGNPC Uranium Resources Co. and the China-Africa Development Fund.
The offer, which opened yesterday, follows Taurus' successful £632 million takeover bid for AIM-listed Kalahari Minerals plc, a 42.74% shareholder in Extract.
The offer, which is scheduled to close at 7pm (AEDST) on 2 April 2012, has been unanimously recommended by Extract's independent directors, in the absence of a superior proposal.
Clayton Utz Perth Corporate partner Mark Paganin led the Clayton Utz team, which included Perth Corporate partner Matthew Johnson, senior associates James Clyne and Andrew Hart, and lawyer Elizabeth Maynard.
Extract is an international uranium exploration and development company whose primary focus is in Namibia. The company's principal asset is the Husab Uranium Project, which contains the third-largest uranium-only deposit in the world.