Business
Alcan board tells shareholders to reject Alcoa takeover bidstevenkiernan, 23 May 2007Be the first to comment on this article Alcan’s board has recommended its shareholders reject Alcoa’s takeover bid for the packaging and aluminium group, saying it is “inadequate and contrary to their best interests”.
On 7 May, Alcoa made an unsolicited offer of £29.50 ($58.60) per Alcan share, but this was criticised by major Alcoa shareholders, who felt it would be better off “pursuing strategic alternatives”, given its disappointing track record with acquisitions. In April, Alcoa said it would conduct a strategic review of its flexible packaging and consumer products divisions, as well as its Closure Systems International and Reynolds Food Packaging businesses. Alcan’s shares have risen by 30% since the offer was announced. Speak Your Mind |
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