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News: ABY Metals X says intends to increase offer for Aditya Birla Minerals

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    26/04/16
    10:16
    Post #: 17596351

    April 25 (Reuters) - Metals X Ltd (MLX) :

    • Conditional intention to increase aby takeover offer (MLX)
    • Says Metals X has been advised by aby that Hindalco has stated its intention to accept the increased offer
    • Board of aby recommends that aby shareholders accept if the offer is increased
    • Intends to increase offer for aby to one mlx share for every 4 and one-half(4.5) aby shares plus 8 cents per aby share in cash
    • Says additional cash component of the consideration is supported by a specific purpose loan facility of $25 million
    • Metals X notes that if the rbi approval is not received by Hindalco, then Metals X will not make this increase to the offer
    • Hindalco's intention is subject only to receipt of required regulatory approval from rbi & no superior proposal materialising in next 5 business days
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