India, May 2 -- Sierra Metals Inc. (SMT.TO) Friday announced that it has acknowledged a revised offer from Alpayana S.A.C., which raised its proposed takeover bid from C$1.11 to C$1.15 per share.
The company's board is currently reviewing the amended terms and will provide a recommendation to shareholders in the coming days.
Alpayana's updated proposal, disclosed in a May 1 notice, extends the bid expiry to May 12, 2025. However, Sierra Metals noted that the offer remains subject to numerous conditions that are entirely at Alpayana's discretion, lacking materiality or objective standards.
Friday SMT.TO closed flat at C$1.07 on the Toronto Stock Exchange.
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