With Alcan‘s (AL-T) 4-billion-euro takeover bid for France’s Pechiney expiring, the Canadian aluminum giant reports that 92.21% of the fully diluted shares have so far been tendered.
The results are prompting Alcan to consider extending its offer by 10 days so that it can obtain a 95% stake — the magic number that allows Pechiney to be delisted.
After several months of sometimes heated wrangling, Pechiney’s board finally agreed to a twice-revised offer from Alcan. In its final iteration, the offer includes 24.6 euros in cash plus 22.90 euros worth of Alcan shares for each Pechiney share or 10 Pechiney bonus allocation rights tendered.
Alcan retains an option of covering the share portion of the deal with cash. The cash-and-share offer includes a bonus of one euro per share, provided 95% of the French company’s shares are tendered.
Overall, though, Alcan’s bid was conditional on at least 50% of Pechiney’s shares being tendered.
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