Alto Metals Ltd

Alto Metals board mulling formal recommendation for takeover offer

The minimum acceptance condition has been reduced to 50.1%.

three empty board seats
Middle Island lodged and released its Bidder's Statement on 10 April

Alto Metals Ltd’s (ASX:AME) board is still yet to make a formal recommendation to shareholders regarding the takeover offer from Middle Island Resources Ltd (ASX:MDI).

On Wednesday, Middle Island reduced the minimum acceptance condition for the all-scrip offer from 90% to 50.1%.

This information will be contained in Alto’s Target Statement which has to be issued within 15 days of receiving the Bidder’s Statement.

READ: Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer

The offer is for 5 Middle Island shares for every 1 Alto Metals share.

Quick facts: Alto Metals Ltd

Price: $0.04

Market: ASX
Market Cap: $8.97 m

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