Metals X wins support of Aditya board and major shareholder Hindalco

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.