The Pittsburgh-based world’s sixth largest aluminium products maker Arconic Inc. is busy discussing acquisition offers for the entire company, people familiar with the matter updated. Last month, the company had also made an announcement of its sale process but only for building and construction systems unit.
On this current update, the company witnessed 4.7 per cent jump in its shares on Friday to close at US $22.23, giving the company a market capitalization of $10.7 billion.
Reportedly, activist hedge fund Elliott Management Corp, the winner of board representation at Arconic last year following a proxy contest, has been instrumental in pushing the company to explore a sale. However, some of the private equity firms have expressed doubts over whether the company's high price expectations for a sale can be met, some of the sources added.
Arconic, Elliott, KKR and Onex made no comment so far despite several requests. Apollo, Carlyle and Blackstone too declined to speak on this.
However, Arconic assured that it would announce the outcome of its strategic review by the time it holds its investor day in November 2018.
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