Independence seeks Fraser Range expansion with A$20m Windward takeover

Diversified metals miner Independence Group has launched a A$20.5-million offmarket takeover offer for ASX-listed Windward Resources, which controls exploration tenements near its Nova project, in Western Australia. The offer, which is unanimously supported by the Windward board, consists of 19c a share in cash for all Windward shares held. The offer represents a 46% premium to Windward’s last closing price on September 16 and a 60% premium to the company’s five-day volume weighted average share price.