Aditya still keen on strategic review
PERTH (miningweekly.com) – Takeover target Aditya Birla on Friday said that its focus remained on a strategic review of the company, despite fellow-listed Metals X extending the deadline for its takeover offer.
In October last year, Aditya launched a strategic review of the company with the aim of maximising value for shareholders. A number of options were being considered in the strategic review, including the sale of Aditya.
Despite the company obviously considering a sale, Aditya has maintained that shareholders reject the takeover offer from Metals X, which was now set to close on March 24.
Metals X initially offered one of its own shares for every five Aditya shares, valuing the takeover target’s shares at 24.7c each. However, in December, Metals X increased its offer to one of its own shares for every 4.75 Aditya shares held.
Metals X reported earlier this week that it had signed a confidentiality agreement with Aditya’s majority shareholder Hindalco, which to date has also rejected the takeover offer, to access more detailed information on Aditya Birla and its Nifty copper project, in Western Australia.
Aditya said on Friday that Metals X has held discussions with the management of Aditya, and that the parties were engaged in executing a confidentiality deed that would enable Metals X to obtain access to the electronic data room of Aditya.
However, the takeover target denied that it has not been involved in any discussions with Hindalco regarding this confidentiality agreement.
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