News: PAN Australia's Panoramic recommends rejection of Independence Group takeover offer

Dec 5 (Reuters) - Australia's Panoramic Resources Ltd (PAN) on Thursday unanimously recommended shareholders to reject the takeover offer by the gold-nickel miner Independence Group NL (IGO) .

The nickel miner said the takeover offer by Independence is "opportunistically timed", and "could deprive Panoramic shareholders of future potential value".

Last month, Independence made a A$312 million ($211.72 million) takeover bid for Panoramic, offering one IGO share for every 13 Panoramic shares held, with the implied offer price amounting to 47.6 Australian cents per Panoramic share.

($1 = 1.4736 Australian dollars)