Australia's Panoramic recommends rejection of Independence Group takeover offer

Australia's Panoramic Resources Ltd on Thursday unanimously recommended shareholders to reject the takeover offer by the gold-nickel miner Independence Group NL.

Dec 5 (Reuters) - Australia's Panoramic Resources Ltd PAN.AX on Thursday unanimously recommended shareholders to reject the takeover offer by the gold-nickel miner Independence Group NL IGO.AX.

The nickel miner said the takeover offer by Independence is "opportunistically timed", and "could deprive Panoramic shareholders of future potential value".

Last month, Independence made a A$312 million ($211.72 million) takeover bid for Panoramic, offering one IGO share for every 13 Panoramic shares held, with the implied offer price amounting to 47.6 Australian cents per Panoramic share.

($1 = 1.4736 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru Editing by Chris Reese)

((Sameer.Manekar@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More