Australia's Alumina receives $2.2 bln buyout offer from Alcoa (updated)

Alumina

25/02/2024 22:22

(Adds details from paragraph 2 onwards)
       Feb 26 (Reuters) - Australian aluminium producer Alumina
 AWC.AX  said on Monday it has received a non-binding,
conditional buyout proposal from Alcoa Corp  AA.N , valuing the
company at $2.2 billion in an all-stock offer. 
    Under the deal, Alumina shareholders would receive 0.02854
shares of Alcoa common stock for each share held. This would
imply a value of A$1.15 per Alumina share, based on Alcoa’s
closing price as of February 23. 
        Alumina's Managing Director and CEO Michael Ferraro
intends to recommend shareholders vote in the favour of the
proposal, in the absence of a superior proposal, the company
said. 
  

 (Reporting by Echha Jain in Bengaluru; editing by Diane Craft)
 ((Echha.Jain@thomsonreuters.com;))