Victory Nickel has increased its offer to purchase all of the outstanding common shares of Independent Nickel.
In response, Independent's Board has recommended that shareholders accept the amended offer of 1.1 share of Victory Nickel in exchange for each share of Independent Nickel. Victory Nickel has agreed to appoint two of Independent Nickel's current directors to the Victory's Board of Directors.
“After careful consideration of all aspects of the increased offer our Board of Directors has concluded that accepting the Victory Nickel offer presents shareholders with the best opportunity available to maximize value,” Richard Murphy stated in a release.
“Members of our Board of Directors unanimously agree that a consolidated nickel company will attract higher valuations for shareholders going forward.”
Read the previous article (published on Aug 28)