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Alto Metals board maintains recommendation to reject Habrok takeover offer

Alto directors have a strong view that the unsolicited offer is opportunistic and undervalue the company’s shares and options.

Alto Metals Ltd - Alto Metals board maintains recommendation to reject Habrok takeover offer
The takeover offer is a strong endorsement of the Sandstone Gold Project’s long-term value potential

Alto Metals Ltd (ASX:AME) received a takeover offer from Habrok earlier this month for an unconditional cash offer of 6.6 cents per share for all the issued shares in Alto.

The company has now received notice from shareholders holding 38.15% of the Alto shares currently on issue that they DO NOT INTEND TO ACCEPT the Habrok offer at the offer price of 6.6 cents per share.

While the Habrok offer is unconditional and therefore not dependent upon a minimum level of acceptances from Alto shareholders, Alto considers that the statement of support from these shareholders is a strong endorsement of Alto's exploration strategy and the potential of the Sandstone Gold Project.

The board of Alto maintains its recommendation as announced on July 13, 2020 that shareholders do not accept the Habrok Share Offer.

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Price: 0.084 AUD

ASX:AME
Market: ASX
Market Cap: $24.69 m
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