Aditya Birla urges no action on revised offer from Metals X
PERTH (miningweekly.com) – Takeover target Aditya Birla has advised shareholders not to take any action on Metals X’s revised offer for the copper miner.
Metals X initially offered one of its own shares for every five Aditya shares held, valuing the takeover target’s shares at 24.7c each. However, earlier this week, Metals X increased its offer to one of its own shares for every 4.75 Aditya shares held, with the company also waiving a number of conditions of the offer.
Metals X told Aditya shareholders that the increased offer ratio provided an opportunity to obtain near-term certainty of outcome in a deteriorating price environment, provided that Metals X’s few remaining offer conditions were met. These included Aditya’s major shareholder Hindalco Industries accepting the offer.
The increased offer also allowed Aditya shareholders to swap their interest in the copper miner into shareholding in Metals X, which the company maintained had the operating experience to take on the challenge of the underperforming Nifty mine, in east Pilbara.
Furthermore, Metals X would offer Aditya shareholders the opportunity to diversify risk exposure, as the company had a portfolio of gold, tin and other base metals assets.
The takeover offer was expected to close on December 30.
The Aditya board had told shareholders not to take any action on the revised offer, while the board fully considered the revision and provided a formal response.
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