Metals X
(ASX:MLX) says that the board of takeover target Aditya Birla has advised shareholders to take no action over its $86 million all-scrip offer for the struggling WA producer.
Metals X announced an off-market takeover offer yesterday that values Aditya Birla shares at around 27.4 cents. It’s a 60.6 per cent premium to the shares closing price the day before.
Metals X believes it has the experience to turn around the underperforming Nifty Copper mine.
Aditya Birla says it considering the offer and will issue a formal recommendation.
Metals X reported a net profit of $40.9 million for the 2015 financial year.
