Zeta Resources (ASX:ZER) refuses to accept takeover offer for Panoramic Resources (ASX:PAN)

On the 4th of November 2019 Independence Group (ASX:IGO) lobbed an unsolicited off-market takeover offer to acquire all of the ordinary shares of Western Australian mining company, Panoramic Resources (ASX:PAN) which it does not already own.

Zeta Resources (ASX:ZER), which holds a stake of around 35.2 per cent in Panoramic Resources has signalled that it does not intend to accept Independence Group’s current offer.

This comes as the board of Panoramic Resources (ASX:PAN) announces a change to guidance off the back of below-budget operational performance during the September 2019 quarter. 

Shares in Panoramic Resources (ASX:PAN) closed 20.69 per cent lower at 34.5 cents yesterday.
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Source: Finance News Network