08:08 AM EDT, 05/06/2025 (MT Newswires) -- Sierra Metals ( SMTSF ) said Tuesday that it will not make a recommendation to shareholders regarding the sweetened takeover bid from Alpayana.

Alpayana recently increased its offer to $1.15 from $1.11 after Sierra rejected the company's previous bid.

Sierra said it had hoped to reach terms with Alpayana for a supported transaction but talks collapsed.

Sierra said its encouraged shareholders to consider the revised offer carefully and make their own decisions.

The company said it did not make a recommendation due to a number of factors, including the conditions attached to the offer that Alpayana is aware cannot be satisfied.

Unless extended, the revised offer expires at 5:00 p.m. Toronto time on May 12.