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Independence makes Windward takeover bid unconditional

Independence Group NL has made its takeover bid of 19 Australian cents per share to acquire all of the ordinary shares of Windward Resources Ltd. unconditional.

The offer, expected to open Oct. 17, will be free of all conditions, including Windward shareholders not approving an earlier placement and underwriting deal with Eastern Goldfields Ltd. as well as the 50.1% minimum acceptance condition, Independence said Oct. 10.

Independence made the offer unconditional after Windward announced that Eastern Goldfields had withdrawn from the funding agreement.

Independence has already acquired a 19.9% interest in Windward by acquiring its on-market shares.

The offer is unanimously recommended by Windward's board in the absence of a superior proposal.