Liontown shares could be on the menu Is Rinehart charging up a...

Liontown shares could be on the menu
Is Rinehart charging up a takeover bid?


Tristan Harrison❯
Published February 12, 4:22 pm AEDT
LTR

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Gina Rinehart about to ride to the rescue of the ASX lithium share?


Readers may remember that a few months ago, Liontown was the target of a takeover bid by a global lithium giant. But, Rinehart's entity called Hancock Prospecting decided to come in and buy a fifth of the business. Thus, Albemarle Corp (NYSE: ALB) decided to walk away.

Now it's being speculated that Rinehart may want to buy the whole of Liontown Resources.

Takeover talk intensifies
According to reporting by The Australian, some investors think a takeover is more likely by the mining billionaire. Interestingly, the Liontown share price rose by 14% last week, though it gave up some of those gains today.

Rinehart's entity bought those shares a few months ago at a share price of approximately $3.

The newspaper reported that under the Corporations Act's minimum bid provisions, 11 February 2024 was the end of the period that Hancock Prospecting was forced to wait to buy Liontown for less than the price paid for that 19.9% stake.

The Australian then said that market speculation about a possible takeover move "has intensified in recent days."