- Liontown Resources (LTR) has received a revised “best and final” proposal of $6.6 billion from Albemarle Corporation
- The non-binding indicative offer is to acquire all outstanding LTR ordinary shares at $3 apiece
- Liontown’s board will now allow Albemarle the chance to conduct due diligence
- On successful completion, LTR announced it would unanimously recommend in favour of the proposal in the absence of a superior proposal
- LTR shares are up 9.35 per cent, trading at $2.87 at 12:02 pm AEST
Liontown Resources (LTR) has received a revised proposal from Albemarle Corporation to acquire all outstanding ordinary shares at $3 apiece through a scheme of arrangement.
Albemarle announced that the non-binding indicative offer represents its “best and final” proposal, pending any superior offers.
The proposal is subject to several conditions, including satisfactory due diligence by Albemarle, unanimous recommendation from the Liontown Board, and the negotiation of a mutually acceptable scheme implementation deed.
If Albemarle presents a binding proposal at $3 per share, and a mutually acceptable binding scheme implementation agreement is reached, LTR has confirmed it would unanimously recommend that shareholders vote in favour of the proposal, assuming no superior proposal emerges.
It’s important to note that there is no certainty that the revised indicative proposal will progress to a binding offer for consideration by shareholders.
LTR shares were up 9.35 per cent, trading at $2.87 at 12:02 pm AEST.