June 1 (Reuters) - ALS Ltd (ALQ) :
- Says received an indicative and non- binding, and highly conditional proposal from Advent International and Bain Capital
- Says agreement to acquire all of the shares in the company by way of a scheme of arrangement
- Board of ALS, having reviewed proposal with company's advisers, has unanimously rejected the approach as it significantly undervalues the co
- Under the proposal advent and bain would provide cash consideration of $5.30 per ALS share which will not be adjusted for $0.06 FY 2016 final dividend
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