Alto rejects increased hostile offer from Habrok

SYDNEY-based Habrok Mining’s decision to increase its takeover offer for Western Australia-based gold explorer Alto Metals from A6.6c to 7c appears to be an uphill battle, with Alto yesterday confirming that not only do a majority of major shareholders reject the bid, but a stalled $5.1 million entitlement offer is about half filled.

Alto rejects increased hostile offer from Habrok Alto rejects increased hostile offer from Habrok Alto rejects increased hostile offer from Habrok Alto rejects increased hostile offer from Habrok Alto rejects increased hostile offer from Habrok

Alto continues to reject Habrok's advances.

While the entitlement offer is on ice, after Habrok secured a standstill order from Australia's Takeover's Panel, it's clear Alto director and major shareholder, Terry Wheeler, has been able to circle