Ann: Liontown rejects Indicative Proposal from Albemarle, page-207

A great day for Liontown holders, Worlds #1 Lithium company wants our project.

3 things can now happen

1 They walk away, like they did in Oct 2022 and the sp will drop down to previous levels

2 They up the offer

3 They can make a hostiile bid

IMO upping the offer won’t get them the Board’s approval, reading the announcement the Board was unanimous in their rejection, noting it was an opportune bid while the market is soft & the project now mainly derisked. Also noting it substantially undervalued Liontown - so not even close

I don’t think they’ll go the hostile route, they put a lot of conditions on this bid, exclusive DD etc, a hostile bid would mean they’d have to skip that DD etc. Also Goyder’s 15% means they’d never get to the 90% where they can compulsorily acquire the remainder of the shares. Having said that, they only need 51% to gain control, over time they could soak up the remainder, being a minority shareholder is never fun, especially if they delist it.