Panoramic rejects Independence offer
PERTH (miningweekly.com) – The directors of takeover target Panoramic Resources have unanimously recommended that shareholders reject a takeover offer from diversified metals miner Independence Group.
Independence is offering one of its own shares for every 13 Panoramic shares held, valuing the takeover target at A$312-million.
Panoramic told shareholders that the offer from Independence was opportunistically timed, making use of the recent strength in the share price of Independence, while also capitalizing on Panoramic’s short-term operational and financial underperformance, and its own share price weakness.
The company warned shareholders that by accepting the Independence offer, they ran the risk of diluting any potential upside from Panoramic’s asset base, as well as its exposure to the nickel market, while also running the risk of missing out on any potential offer from a third party.
Panoramic in November told shareholders that it had provided several parties with access to due diligence to allow for the opportunity of a competing offer.
Panoramic has also pointed out that the company’s largest shareholder Zeta Resources, which owns a 35.16% stake in Panoramic, has said that it would not accept the Independence offer.
The nickel miner is still awaiting the results from an independent expert’s report into the Independence offer, saying that it would update its recommendation once the report has been completed.
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