Alcan says Alcoa's takeover bid remains inadequate

Alcan Inc. (AL.TO: Quote, Profile , Research) said on Wednesday that Alcoa Inc.'s (AA.N: Quote, Profile , Research) $28.3 billion takeover bid for the Canadian aluminum maker remains inadequate.

"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 U.S. regulators related to its offer.

"The board has already rejected the offer and continues to evaluate all options to maximize shareholder value," Michaud added.