Now that Alcan Inc.'s board has rebuffed fellow aluminum producer Alcoa Inc.'s $27.4 billion takeover offer, a Prudential Equity Group analyst says anything can happen - including another bidder trying to buy Alcoa.
Alcan's board earlier this week urged shareholders to reject the $74.60 per share mix of cash and stock Alcoa offered for the Montreal-based company. The bid undervalued Alcan, the board said, and the company's stock already trades at a steep premium to Alcoa's offer.
Prudential analyst John C. Tumazos said "'anything can happen"' now. He assigns a 25 percent likelihood that Alcoa sweetens its bid 10 percent to win Alcan, and "'a 25 percent likelihood that Alcoa sweetens a second 10 percent to win Alcan."'
The initial bid was just a "'first salvo in a lengthy saga,"' he said.
If that deal falls through, Tumazos said it is likely another company tries to buy Alcoa. He assigned just a 10 percent likelihood Alcoa remains an independent company.
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