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  • 6 months later...
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  • 2 months later...

WSA and IGO could tie the knot .... Scheme of Arrangement agreed to at $3.36.

.... but the WSA shares are trading today at $3.36 to $3.44, closing at $3.42.

investors bet Andrew Forrest or BHP could lob a rival bid.

The private company of Andrew Forrest, Wyloo, lifted its stake in Western Areas to 6.29 per cent earlier this month and declined to comment on the $3.36 per share offer from IGO, which values the Wyloo stake in Western Areas at $67.9 million.


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  • 3 months later...
  • 2 weeks later...

The hope by IGO Group of acquiring nickel miner Western Areas has been dealt a blow after the independent expert assessing the $1.09 billion valuation on the deal found it was not a fair price.

Although the independent expert report has not yet been published, IGO Group told the ASX on Tuesday that it understood the report did not endorse the $3.36 price that IGO has offered to pay for each share in Western Areas.

IGO stressed that it had not yet seen the expert report, but believed the report said the price was neither fair nor reasonable for Western Areas shareholders and is therefore not in the best interests of Western Areas shareholders.

IGO said it believed the Western Areas board would shortly reverse the recommendation they made in December, when they encouraged Western Areas shareholders to accept the deal.

Western Areas shares traded above the IGO offer price for most of the period since the merger deal was struck in December and were well above the price at $3.65 on Monday.

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  • 2 months later...

On 21 June, 2022, Western Areas Limited (WSA) was removed from the ASX Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between WSA and its shareholders in connection with the acquisition of all the issued capital in WSA by IGO Nickel Holdings Limited (a wholly owned subsidiary of IGO Limited).

.... not everyone was happy with this one

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