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)
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