Executives at Alcoa say an attempt in June to possibly turn its hostile bid for Canadian rival Alcan more friendly and possibly issue a higher bid was rebuffed by Alcan management.
According to an SEC filing from 8-K, Alcoa Chief Executive Alain Belda sent a letter June 20 to Alcan CEO Dick Evans asking about press reports of a “data room” Alcan was setting up so that parties interested in bidding on Alcan could examine company data and documents. In the discussion between the CEOs, Belda also alluded to possibilities of an improved bid from the current cash and stock bid of $27.8 billion.
“I am ready to consider value for your shareholders beyond that reflected in our outstanding offer,” Belda wrote in series of exchanges, this one dated June 28.
“Alcoa chose to take their offer to our shareholders. Alcan’s board rejected it,” said Alcan spokeswoman Anik Michaud. “We’re continuing to pursue other alternatives in the best interest of our shareholders.” She said Alcoa has refused to sign a confidentiality and standstill agreement in the past and would have difficulty doing so now while its offer is open. Alcoa’s offer to Alcan shareholders is set to expire July 10.
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