Rio Tinto Sets Deadline for Alcan Offer

Mining company Rio Tinto said Tuesday that Alcan Inc. shareholders will have until Sept. 24 to accept its tender offer of $101 per share. More than 66 percent of Alcan's voting shares must approve the tender offer for the companies to move forward with the transaction. Alcan's board of directors previously accepted the $38.2 billion takeover bid from Rio Tinto. A combined Rio Tinto and Alcan would be the world's largest producer of aluminum. In a tender offer, the purchaser makes a public offer to acquire shares in a corporation at a set price and during a set offer period. Some tenders offers are conditioned upon shareholders agreeing to sell a certain percentage of outstanding shares to the purchaser.