ASX Today, page-36143

Both GR and ALB were prepared to pay a price of A$3 for LTR when the SC6 market looked considerably more rosy than it is now. ALB has gone at A$1.25 and GR does not have the Li expertise to pursue a 100% acquisition of LTR. A potential acquisitor in this tough market would require two principal features.
Firstly they would require proven SC6 production expertise. The acquisitor's team would be able to optimise every aspect of LTR operation and realise operating synergies which would enhance FCF. Critical in a tough price environment.
Secondly they would need a big cash balance. This would enable them to cancel any debt with prohibitive T&C attached. The cash would give them the necessary fiscal flexibility to phase in LTR's SC6 production in a manner which could assist in the rebalancing of the SC6 market. They would not need to pursue maximum production from day 1. A sensible strategy which would have a substantial payback.
IMO only one ASX company fits the bill and that is PLS. Now these gentlemen are shrewd operators so I suspect they will not wish to acquire LTR but rather MERGE with LTR. This is done at the current SP so no premium is paid and PLS must be thinking that at $1.00 this would be a very viable strategy. This combination would be a world powerhouse in the SC6 market and when the next upturn comes the SP would reflect its dominant market position.
As for GR. She would convert her equity holding into PLS shares and longterm she would reap a substantial reward from her investment even though initially it wouldn't look so attractive.
IMO a good solution for all concerned including Australia.