December 17, 2019 / 8:19 AM / a month ago

Australia's Independence Group extends takeover offer period for Panoramic

(Reuters) - Australian nickel miner Independence Group (IGO.AX) on Tuesday extended the closing date of its takeover offer for smaller peer Panoramic Resources (PAN.AX), saying it required more time to assess its position due to breaches of offer conditions.

Earlier this month, Panoramic rejected an A$312-million ($211.72 million) all-stock bid by Independence and went ahead with a capital raise, breaching an offer condition.

Independence said it reserved its rights regarding breached conditions, including whether to rely on them to terminate its offer, and will continue its due diligence on Panoramic.

The offer will now close on Jan. 17, 2020 instead of Dec. 23, the miner said.

Panoramic did not immediately respond to a Reuters’ request for a comment.

Reporting by Shriya Ramakrishnan in Bengaluru; editing by Uttaresh.V

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