Independence Group (ASX:IGO) has launched an off-market takeover bid for Panoramic Resources, offering one of its shares for every 13 Panoramic shares.
The offer Price represents a 42 per cent premium to the closing price of Panoramic Shares on 1 November 2019.
Independence Group says it has chosen to present the offer directly to Panoramic shareholders following a number of unsuccessful attempts to engage with the Panoramic Board.
The company also says it is in an ideal position to unlock value from both the Savannah operation and Panoramic’s exploration portfolio and to deliver this value to Panoramic’s shareholders through this Offer and future dividends.
Shares in Independence Group (ASX:IGO) opened flat at $6.40.