Top shareholder of Australia’s Panoramic rejects ‘opportunistic’ Independence bid
Investment fund Zeta Resources Ltd on Friday said it did not intend to accept nickel miner Independence Group’s hostile A$312 million ($214.6 million) takeover bid for Panoramic Resources.
Zeta Resources is managed by Bermuda-based hedge fund ICM Ltd, which holds a 34.7% majority stake in Panoramic.
“The offer was unsolicited, and in the opinion of Zeta Resources, opportunistic,” the company said in a statement.
On Monday, IGO made an all-scrip offer for the 96.2% of shares in smaller peer Panoramic Resources Ltd it does not already own, pitching the bid at a steep 42% premium.
IGO is looking to increase its exposure to nickel given demand for new energy metals and amid an expected boom in batteries for electric vehicles.
Independence Group was not immediately able to comment on the matter.
($1 = 1.4537 Australian dollars)
(By Niyati Shetty; Editing by Stephen Coates)