Mineral Resources (MIN) with an offer to take out the company at $1.50 for a combination of cash and MIN shares.
I reckon MIN regret selling off their stake in PLS and they are now building up their additional lithium reserves in the region.
They recently took a strategic stake in GL1 and perhaps they offered to do the same for ESS but the board said they don't need the cash at the moment. So MIN just thought stuff it, it's cheap as chips so let's just buy the whole company.
MIN has recently announced they are bringing Wodgina and Mt.Marion mines up to full speed a.s.a.p. due to massive Lithium demand.
MIN is a $12 Billion dollar company so an offer of say $350M for ESS is only about 3% of their MC and ESS would be an accretive acquisition which they could bring into development to feed one of their Chinese converter plants in due course.
I'm probably way off the mark here but it's fascinating to try and guess the outcome or what the offer might be.
I'm spewing I sold my trading parcel of 50,000 shares a few days ago, but have a nice position across multiple accounts and am excited to see what value the board can extract from any transaction, or alternatively what they may reject if not in the ballpark.
ESS Price at posting:
68.5¢ Sentiment: Hold Disclosure: Held
