Alcoa adds standalone financial projections to proxy for Alumina deal amid litigation

Alcoa Corp

Alcoa standalone 2024E revenue $9,566M, adj. EBITDA $570M, unlevered FCF ($580)M.
Alumina Limited standalone 2024E revenue $1,830M, adj. EBITDA $91M, unlevered FCF ($189)M.
J.P. Morgan DCF implies Alcoa equity $22.35-$28.50/share vs. $29.85 close; Alumina $0.70-$0.90 vs. $0.81.
Two stockholder lawsuits and eight demand letters allege insufficient proxy disclosures; Alcoa supplements proxy.
UBS was engaged Oct. 18, 2023 as financial advisor to Alcoa board for the transaction.

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