Acquisitive miner IGO Ltd has won support for its controversial $1.26 billion bid for nickel producer Western Areas, with a proxy adviser telling clients to vote in favour of a deal that was dubbed ‘not fair but reasonable’ by an independent expert.

IGO raised its offer by 15 per cent to $3.87 for each Western Areas share in April, but that improved price was still below the $4.04 to $5.23 range that KPMG declared to be fair value in the “independent expert” report it prepared for investors in the target company.