Western Areas (WSA) $3.42

WSA +5.56%: finally received a binding takeover offer from Independence Group (IGO) after months of talks. The $3.36/sh all cash offer was a surprise given a scrip deal was touted from the outset. The price is a 35.5% premium to the close on 18 August when news first broke of the potential tie-up. It’s an on message target for Independence Group which has been looking to build out their battery metals exposure with more substantial nickel production. The deal will be funded by cash reserves and debt and is expected to be cash flow accretive by FY24. Shares traded well through the offer price today. Andrew Forrest’s investment vehicle Wyloo Metals has been creeping up the substantial shareholder ranks throughout the second half of this year, currently sitting on a little over 6%. Many suggesting he will throw his hat in the ring now that Independence Group has shown their hand.

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Wester Areas (WSA)

LAST UPDATED 16/12/2021 17:10

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Wester Areas (WSA)

LAST UPDATED 16/12/2021 17:10