PERTH (miningweekly.com) – The Supreme Court of Western Australia has backed ASX-listed Independence Group’s (IGO’s) takeover of nickel miner Western Areas, ordering the takeover target to convene a shareholder meeting to consider the offer.
IGO recently increased its offer price for Western Areas from A$3.36 a share to A$3.87 a share, after an independent expert found that the offer was neither fair nor reasonable, and not in the best interest of shareholders.
The Directors of Western Areas unanimously recommend that shareholders vote in favour of the revised scheme at the scheme meeting, in the absence of a superior proposal.
In addition to ordering a shareholder meeting, the Supreme Court has also approved the dispatch of an explanatory statement and a notice of scheme meeting to Western Areas shareholders.
Western Areas has called a shareholder meeting for June 1 to vote on the takeover offer.