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Independence Group share price falls 1% on Panoramic update

Motley Fool Staff
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The share price of Independence Group NL (ASX: IGO) dropped over 1% today after giving an update about its dropped Panoramic Resources Ltd (ASX: PAN) takeover offer, the Panoramic share price rose 1.6% today.

Today, Independence Group gave an update about its the takeover offer. As a reminder, it dropped the takeover offer because of the breach of certain conditions of the offer.

However, today the company announced that it has decided to grant all Panoramic shareholders who have accepted the offer a right to withdraw their acceptance. That means Panoramic shareholders who exercise their withdrawal right will have the ability to deal with their shares with their withdrawal being processed which could happen before the lapse of the offer on 17 January 2020.

Independence Group’s Managing Director and CEO Peter Bradford said: “IGO recognises that under the customary terms of IGO’s offer, Panoramic shareholders who have accepted the offer would be unable to trade their Panoramic shares until the offer has lapsed on 17 January 2020. 

“To alleviate the potential disadvantages of this for accepting Panoramic shareholders, IGO determined, in line with its values and standards, to grant Panoramic shareholders who have accepted the offer a right to withdraw their acceptances prior to the offer lapsing. This will provide accepting Panoramic shareholders the opportunity to freely deal with their Panoramic shares earlier than they would be able to in the ordinary course.”

The post Independence Group share price falls 1% on Panoramic update appeared first on Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020