The directors of takeover target Aditya Birla Minerals, and the company’s largest shareholder Hindalco Industries, have backed an increased offer from ASX-listed Metals X.
Metals X initially offered one of its own shares for every five Aditya Birla Minerals shares, valuing the takeover target’s shares at 24.7c each. However, in December, Metals X increased its offer to one of its own shares for every 4.75 Aditya shares held.
