ALCOA'S $US28.3 billion ($33.87 billion) takeover offer for Alcan was not good enough, the target company said overnight, leaving the door open for BHP Billiton or Rio Tinto to make a bid.
The Canadian aluminium maker Alcan did not shed any light on its strategy to counter the hostile bid.
”The outcome still remains unknown. The value remains inadequate,'' said Alcan spokeswoman Anik Michaud, reacting to Alcoa's announcement that it had filed documents with US antitrust regulators related to its offer.
”The board has already rejected the offer and continues to evaluate all options to maximise shareholder value,'' Mr Michaud said.
The hostile offer by US-based Alcoa is set to expire on July 10, but analysts expect it to be extended as the company seeks approval from antitrust authorities.
Alcan, which previously rejected the offer as failing to properly value its assets and prospects, is expected to unveil its strategy in the coming weeks.
Its options include trying to remain independent, seeking a white knight or merger partner to step in with a friendly competing bid, or even taking a takeover run at Alcoa.
There have been reports that big international miners such as BHP Billiton and Rio Tinto are interested in Alcan.
Alcoa is offering $US58.60 in cash and 0.4108 of a share for each Alcan share. Based on Alcoa's stock price on Wednesday afternoon, the blended value of the offer was $US74.97 a share.
Alcan stock fell 87 cents to $US83.45 on the New York Stock Exchange and C$1.45 to C$88.17 on the Toronto Stock Exchange overnight as both markets dropped.
Despite the decline, Alcan's New York share price was still some 11 per cent above Alcoa's offer. Alcoa shares fell 74 cents to $US39.85 in New York.
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