PERTH (miningweekly.com) – Takeover target Windward Resources has abandoned a financing transaction with fellow-listed Eastern Goldfields, in favour of a deal with diversified miner Independence Group.
Eastern Goldfields in September announced plans to acquire a 14.3% stake in Windward for A$2.1-million. However, Independence last week launched a A$20.5-million offmarket takeover offer for Windward, which is conditional upon the Eastern Goldfields funding agreement not proceeding.
Eastern Goldfields on Monday withdrew from the funding agreement, paving the way for Independence to acquire Windward.
Since the start of the offer, Independence has secured a 19.9% shareholding in Windward.