Supreme Court backs IGO's play for Western Areas
The Supreme Court of Western Australia has backed ASX-listed Independence Group’s (IGO’s) takeover of nickel miner Western Areas, ordering the takeover target to convene a shareholder meeting to consider the offer. IGO recently increased its offer price for Western Areas from A$3.36 a share to A$3.87 a share, after an independent expert found that the offer was neither fair nor reasonable, and not in the best interest of shareholders.