Metal X offers to acquire shares of Aditya Birla Minerals
Hindalco Industries announced that Aditya Birla Minerals ("ABML") is a subsidiary of Hindalco Industries and listed on Australian Stock Exchange.Metal X, a listed Company in Australia has made an announcement regarding its intention to improve its ongoing takeover offer for acquiring shares of ABML under the relevant laws of Australia with the following terms:
- 1 fully paid ordinary share in Metals X for every 4.5 ABML Shares; and
- A$0.08 in cash for every ABML Share held
The above offer is conditional upon Hindalco's acceptance and confirmation that it has obtained the requisite approval of Reserve Bank of India in this regard.
Further, the Company has informed that Hindalco has communicated to ABML its intention to accept the aforesaid offer subject to receiving the approval of the Reserve Bank of India and no bona fide superior proposal being announced by a third party within 5 business days of Metals X announcing its intention to make the aforesaid Offer.
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