Sierra Metals Shareholders Reject Alpayana's Takeover Bid
(RTTNews) - Sierra Metals Inc. (SMT.TO) said that a majority of its shareholders have committed not to tender their shares in the event that Alpayana S.A.C. formalizes its proposed unsolicited all-cash take-over bid to acquire all of the issued and outstanding common shares of Sierra Metals for C$0.85 per share.
The Company and its advisors believe that the take-over bid as announced would not succeed, and that proceeding with a formal bid would be an unproductive use of time and resources for both Alpayana and Sierra Metals.
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