Alto Metals Ltd’s (ASX:AME) board is still yet to make a formal recommendation to shareholders regarding the takeover offer from Middle Island Resources Ltd (ASX:MDI).
On Wednesday, Middle Island reduced the minimum acceptance condition for the all-scrip offer from 90% to 50.1%.
This information will be contained in Alto’s Target Statement which has to be issued within 15 days of receiving the Bidder’s Statement.
READ: Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer
The offer is for 5 Middle Island shares for every 1 Alto Metals share.