As a long-term holder who had put the shares in the back of the...

As a long-term holder who had put the shares in the back of the drawer long ago, I thought I'd put these out on the kerb for council pickup!

I'm surprised there isn't more Australian media coverage of this, but The West did a small, generic article that I've summarised below.

There's a convenient comment box at the bottom of the article... perhaps the reporter would be interested in details that widen the story. I'd post there but I'm using my work's West account



Tanzanian-focused Peak Rare Earths gets $158m offer from Shenghe Holdings

Shares in Perth-based Peak Rare Earths rose more than 150 per cent following the company’s announcement that it has accepted a $158 million takeover proposal from Shanghai-listed Shenghe Holdings. The offer includes $150.5 million in cash, plus an additional amount matching the proceeds of a $7.5 million rights issue currently underway. If the full amount is raised, the offer values Peak at 35.9¢ per share — representing a 199 per cent premium to its last closing price. By 1.30pm, shares had increased by 154 per cent to 30¢.

Peak holds an 84 per cent interest in the Ngualla rare earth project in Tanzania, which is estimated to require $US320 million ($511 million) to reach production. Shenghe already owns 19.9 per cent of Peak and has a binding offtake agreement for the future output of the Ngualla project.

The Tanzanian Government has expressed support for the transaction. Tanzanian Minister for Minerals Anthony Muvande said,
"The Government of Tanzania is very appreciative of the efforts of Peak and Shenghe in progressing a transaction that will support the expedited development of the world-class Ngualla project,”.

A shareholder vote on the acquisition is scheduled for early September.

While the Australian Government has previously raised concerns about Chinese investment in domestic rare earth companies — including a forced divestment from Kimberley-focused developer Northern Minerals in 2023 — the transaction with Peak is considered less likely to face regulatory barriers. The project is located outside Australia and the deal value falls below the $1 billion threshold that often triggers greater scrutiny by the Foreign Investment Review Board.