June 1 (Reuters) - ALS Ltd ALQ.AX :
* 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
* Source text for Eikon ID:nASXc4Jx4k