PITTSBURGH, July 3 — The Canadian aluminum maker Alcan has denied a request by a rival, Alcoa, for further talks on Alcoa's hostile $27.5 billion takeover bid.
The board of Alcan unanimously rejected the unsolicited offer as inadequate in May, urging its shareholders to follow suit. But Alcoa appealed to Alcan last month, asking for access to business documents reportedly provided to third parties.
On June 27, Alcan's president and chief executive, Richard B. Evans, said in an e-mail message to Alcoa's chairman and chief executive, Alain J. P. Belda, that Alcan saw "no reason to engage in further discussions or correspondence."
Mr. Belda replied in a letter the next day that Alcoa still wanted to consider looking for greater value for Alcan shareholders, according to a filing with the Securities and Exchange Commission.
An Alcoa spokesman, Kevin Lowery, said Alcoa still hoped to complete the transaction.
"We stand ready to do this," he said. "We're a little perplexed about the change of heart."
Anik Michaud, a spokeswoman for Alcan, declined to confirm reports that Alcan had provided documents pertaining to its business to third parties.
"Alcoa had two years to make a compelling offer and they never did," she said. "All we've said so far is we are actively pursuing other alternatives."
In May, The Globe and Mail, the Canadian newspaper, reported that Alcan entered into talks with the Australian mining giant BHP Billiton, citing people familiar with the situation. Analysts have said that such negotiations may be under way and that other suitors may be waiting as Alcan seeks a richer offer for its shareholders.
Alcoa started its cash-and-stock bid for the firm, which is based in Montreal, on May 7 after almost two years of private talks failed to produce a negotiated agreement.
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