- Nickel explorer Panoramic Resources has called on Azure Capital to fight off a $312 million hostile takeover from large-cap Independence Group
- Earlier this week, Independence tried to entice shareholders in the explorer with one share for every 13 shares held in Panoramic
- Panoramic immediately issued a media statement urging shareholders to take no action on the hostile bid
- The company has since enlisted Azure Capital and legal firm Gilbert + Tobin to fight back the deal which has Independence eyeing the decommissioned "Savannah" mine site in WA
- On last week's closing price, the Independence bid represented a 42 per cent premium to Panoramic's share pricing
- Shares in Panoramic are trading flat today for 44 cents, while Independence trades on a high for $6.45
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