Alcoa Stock Slides After $2.2 Billion Takeover Offer for Alumina—Key Price Levels to Watch

Key TakeawaysAlcoa shares moved lower in premarket trading Monday after the company made a $2.2 billion all-stock offer to buy joint-venture partner Alumina to expand its global mining footprint and consolidate its operations.Alcoa is offering 0.02854 of its stock for each Alumina share, representing a 13% premium to Alumina’s Friday closing price.Alcoa shares may find resistance around $34.50 from a horizontal line and support from the 2023 low at $23.07. Alcoa Corporation Source: TradingView.com.Shares ...