Brief: Alumina Ltd Says Entered Exclusivity Deed With Alcoa

Alumina

25/02/2024 22:21

Feb 26 (Reuters) - Alumina Ltd  AWC.AX :
    * ALUMINA AND ALCOA ENTER INTO EXCLUSIVITY DEED
    * RECEIVED A NON-BINDING, INDICATIVE AND CONDITIONAL
PROPOSAL FROM
ALCOA CORPORATION TO BUY 100% OF ORDINARY SHARES ON ISSUE IN
ALUMINA
    * DEAL FOR SCRIP CONSIDERATION OF 0.02854 SHARES OF ALCOA
COMMON
STOCK FOR EACH ALUMINA SHARE
    * ALUMINA BOARD HAS CONFIRMED MANAGING DIRECTOR AND CEO
INTEND TO
RECOMMEND TO ALUMINA SHAREHOLDERS TO VOTE IN FAVOUR OF PROPOSAL
    * ALUMINA ENTERED TRANSACTION PROCESS AND EXCLUSIVITY DEED
WITH
ALCOA WHICH GRANTS ALCOA A 20 BUSINESS DAY PERIOD OF EXCLUSIVITY
    * ALCOA INFORMED ALUMINA THAT ALLAN GRAY AUSTRALIA HAS
ENTERED
INTO AN AGREEMENT WITH ALCOA
    * ALUMINA BOARD NOTES THAT THERE IS NO CERTAINTY THAT
PROPOSAL
WILL RESULT IN A BINDING OFFER FOR ALUMINA
    * AGREEMENT WITH ALLAN GRAY AUSTRALIA GIVES ALCOA RIGHT TO
BUY UP
TO 19.9% OF ALUMINA FOR 0.02854 ALCOA SHARES

Source text for Eikon:  ID:nASX2Psd7P 
Further company coverage:  AA.N 

 ((Reuters.Briefs@thomsonreuters.com;))