ASX Today, page-32510

Considering the hurdles this announcement needs to jump I can only interpret it as a strategy play... can't predict how it will turn out but numerous factors are in play and it will be difficult to satisfy all of them - so Tim has a strong "get out position" as his hole card. Namely...
“Subject to...
2. "the Liontown Board unanimously recommending the proposal"
3. "entry into a mutually acceptable scheme implementation deed"
4. "subject to approval of the scheme by Liontown shareholders"
5. "subject to any regulatory approvals"
6. "in the absence of a superior proposal"
7. "subject to an independent expert concluding (and continuing to conclude) that the proposed transaction is in the best interests of shareholders".

Condition 7 is going to be particularly difficult to satisfiy at $3 a share or perhaps even at $5. Should any "independent expert" conclude or come to a valuation that was suspect or arguably not in the "best interests of shareholders", or that does not take into considertion the huge free cash flow potential and dividend stream - I imagine there will be a massive outcry from retail.
We can all do the calculations and conclude that this is a substantial hurdle to satisfy.
I may even by why the Board insisted on it.

Hopefully, Tim and the Board are playing a risky but very clever strategy to get the fence sitters out in the open and thereby extratct share value to where it should be at mine opening - but still intends to continue on to mining and owning KV. He always said he would.

Loujag - optimist