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With necessary approvals received, Metals X’s Aditya takeover now under way

18th July 2016

Creamer Media Deputy Editor

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JOHANNESBURG (miningweekly.com) – Having received the necessary approvals from the Reserve Bank of India, aluminium manufacturer Hindalco Industries, the largest shareholder in ASX-listed takeover target Aditya Birla Minerals (ABM), is now in a position to accept an increased offer from diversified junior Metals X for the acquisition of ABM.

Accordingly, Metals X on Monday increased its initial offer consideration to one Metals X share for every 4.5 ABM shares, plus $0.08 in cash for every ABM share. In turn, the ABM board recommended that all shareholders accept the Metals X offer. This offer is scheduled to close on July 29, unless otherwise extended.

Hindalco advised that it would accept the offer once Metals X made the formal declaration, following which control of ABM would pass to Metals X.

Metals X noted that, in accordance with previously stated intentions, if it acquired a relevant interest in 90% or more of ABM’s shares, it would proceed with compulsory acquisition.

Shareholders who accepted the offer before the scheduled closed date will receive the consideration for their shares earlier, rather than waiting for their shares to be compulsorily acquired under any acquisition process.

Edited by Creamer Media Reporter

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