November 3, 2019 / 10:50 PM / 12 days ago

Independence Group offers to buy Panoramic Resources

Nov 4 (Reuters) - Australian nickel miner Independence Group on Monday made a A$312 million ($215.62 million) takeover offer for shares in Panoramic Resources Ltd that it does not already own.

Independence Group said it would offer 1 IGO share for every 13 Panoramic shares held, with the implied offer price amounting to 47.6 Australian cents per Panoramic share.

Independence Group said it was taking the offer directly to shareholders after “a number of unsuccessful attempts to engage with the Panoramic Board.” ($1 = 1.4470 Australian dollars) (Reporting by Shreya Mariam Job in Bengaluru; editing by Jane Wardell)

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