08:05 AM EDT, 04/09/2025 (MT Newswires) -- Sierra Metals ( SMTSF ) , which lost 6.5% yesterday, on Wednesday said its board of directors "carefully" reviewed amendments to the "opportunistic" take over bid by an affiliate of Alpayana and recommends that shareholders reject the sweetened hostile offer.

Alpayana's new bid increases the offer price to $1.11 from $0.85 and extends the bid to April 25 from April 14. Alpayana also waived the condition that at least two-thirds of the outstanding common shares must be tendered, "presumably in response to lower than expected interest," Sierra Metals ( SMTSF ) said.

On Tuesday, Sierra Metals' ( SMTSF ) shares closed at $0.85.

"Alpayana continues to offer an inadequate price that undervalues Sierra Metals ( SMTSF ) and does not reflect full and fair value for the common shares of the company," Sierra Metals Chair of the Board Miguel Aramburu said. "The Board believes there is far greater value inherent in the company's assets, particularly in light of our strong financial and operating performance. We recommend that shareholders reject the Hostile Bid as it is not in the best interests of Sierra Metals ( SMTSF ) or our shareholders."

Sierra Metals ( SMTSF ) noted that its financial advisor, BMO Capital Markets, said the revised offer price is "inadequate from a financial point of view."