Metro gains majority stake in Gulf Alumina, rival bid falls by the wayside

ASX-listed Metro Mining has declared its takeover offer for Gulf Alumina unconditional, after shareholders representing some 57.3% of the company’s issued capital accepted its offer. Metro initially offered Gulf shareholders a choice between 60c in cash a share, or a cash and shares alternative of 50c in cash and one metro share for each Gulf share held, to rival a bid from fellow-listed Moly Mines.