With necessary approvals received, Metals X’s Aditya takeover now under way

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.