Metals X Limited (ASX:MLX)
has waived the 90 percent acceptance condition applied to its takeover bid for Aditya Birla Minerals Limited.
Metals X made an off-market takeover bid for all of the fully paid ordinary shares in Aditya Birla Minerals at the end of October.
The company advises that 384 shareholders have accepted the offer, representing 18.24 percent of the total shares in Aditya Birla Minerals in what Metals X claims is a sign of strong preference from minority shareholders for a change in management.
As such the company has waived the 90 percent acceptance condition to enable all minority shareholders to switch their shareholding in Aditya Birla Minerals to a shareholding in Metals X.
Metals X recorded a net profit of $40.94 million at 30 June 2015.