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."
