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PITTSBURGH (AP) - Alcan Inc. rebuffed a hostile takeover bid by aluminum competitor Alcoa Inc., dismissing the $27 billion offer as inadequate. But analysts say the move was expected and is likely part of a plan to fetch a sweeter deal.
"It's a little like a mating dance, and the whole idea is to eventually get a better price," said Charles Bradford, an industry analyst with Bradford Research/Soliel Securities in New York.
Alcan's board recommended to shareholders Tuesday that they reject Alcoa's May 7 bid because it fell short of the company's value and is not in the best interests of investors, Chairman Yves Fortier said in a statement.
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