Aditya Birla Minerals Limited (ASX:ABY)
has announced it has been advised by Hindalco that it has received approval from the Reserve Bank of India in relation to Metals X Limited’s takeover offer for all shares of ABML.
Metals X has confirmed that it will now increase its offer to 1 Metals X share for every 4.5 ABML shares, plus an additional 8 cents per ABML share.
Hindalco has indicated once Metals X makes the formal variation it will accept the offer and control of ABML will pass to Metals X.
In the absence of a superior proposal, the ABML Board has advised shareholders to accept the Metals X Offer once the formal variation is confirmed.
Aditya Birla Minerals Limited reported a net loss of $190.4 million at 31 March 2016.