Having received the necessary approvals from the Reserve Bank of India, aluminium manufacturer Hindalco Industries, the largest shareholder in ASX-listed takeover target Aditya Birla Minerals (ABM), is now in a position to accept an increased offer from diversified junior Metals X for the acquisition of ABM. Accordingly, Metals X on Monday increased its initial offer consideration to one Metals X share for every 4.5 ABM shares, plus $0.08 in cash for every ABM share. In turn, the ABM board recommended that all shareholders accept the Metals X offer. This offer is scheduled to close on July 29, unless otherwise extended.
