Alcan Inc. has rebuffed requests by Alcoa Inc. for a meeting to discuss Alcoa's hostile $28.6 billion offer for the Canadian aluminum producer, a regulatory filing showed on Tuesday.
Alcan's chief executive, Richard Evans, told Alcoa CEO Alain Belda in a letter that Alcan had no reason for any further discussion with Alcoa at this time.
In an exchange of letters late last month included in a filing by Alcoa with the U.S. Securities and Exchange Commission, Belda had offered to meet Evans in Montreal to discuss Alcoa's offer, which Alcan has rejected.
In the correspondence, Belda refers to media reports that Alcan may have opened a data room for third parties to review its books. If so, Alcoa would welcome the chance to visit the data room, Belda wrote.
Alcan did not confirm or deny that it had opened a data room.
Alcan has previously said that Alcoa's refusal to sign a two-year confidentiality and standstill agreement -- under which each company would agree not to purchase shares of the other for a specified time -- was a key factor in the failure of talks between the two last year aimed at crafting a merger of equals.
Alcan said Alcoa refused to sign a standstill agreement because the U.S. company wanted to keep the option of making a hostile offer for Alcan, which it did on May 7.
(Additional reporting by Robert Melnbardis in Montreal)