Middle Island’s all-scrip offer to acquire 100% of Alto's shares increased to 6 MDI shares from 5 MDI shares for every 1 Alto share.
Alto’s board has advised shareholders to take no action in respect to the offer until it makes a formal recommendation.
The board did point out that the 6-for-1 offer implies a discount of 27% to yesterday's closing price of Alto shares of 3.3 cents.
The board’s recommendation pertaining to the previous offer made by Middle Island was to reject the offer by taking no action.
Alto continues to focus on developing its assets and earlier this month it upgraded the gold resource at its Sandstone Gold Project in Western Australia.
The upgraded JORC resource included maiden estimates of its Havilah and Ladybird deposits and increased the total resource to 5.4 million tonnes at 1.7 g/t gold for 290,000 ounces.