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Independence Group extends Panoramic takeover offer period

Independence Group NL said Dec. 17 that it extended the offer to acquire the remaining shares in Panoramic Resources Ltd. it does not already own to Jan. 17, 2020.

The extension was made in order to assess the independent expert's report commissioned by the latter, which is expected to be finalized on or around Dec. 23. Further, Independence Group will review if the breaches of several defeating conditions of the offer may lead it to pulling out of the deal.

Meanwhile, due diligence is being conducted by Independence Group, with the findings to be assessed together with the independent expert's report.

Earlier this month, Panoramic's board unanimously recommended its shareholders to reject the off-market play by Independence Group, saying the offer is opportunistic and is trying to take advantage of the miner's "short-term operational and financial underperformance, and resulting share-price weakness."

Panoramic owns the Savannah nickel project in Western Australia.