from Today's $tockhead ?
MinRes to back Azure bid
Meanwhile MinRes, which spent an estimated $840 million on stakes in Bald Hill and junior lithium explorers in just five months last year according to Jarden, has revealed it intends to sell into a $3.70/sh offer from SQM and Gina Rinehart’s Hancock Prospecting.
Netting MinRes around $250m, it clears a major obstacle for the scheme arrangement, with other bid dogs Mark Creasy and Wilhelm Zours also supporting the offer.
The $1.7 billion takeover would give Chile’s SQM and Hancock each a 30% stake in the Andover discovery. Azure holds 60% with the Creasy Group controlling the other 40%.
It is viewed as the next major pegmatite discovery in the Pilbara, the world’s richest lithium domain, with a maiden resource due this year.
MinRes had built a stake of 13.56% after Rinehart picked up over 18% in response to a $3.52 a share bid from SQM last year. Coming shortly after Hancock’s interjection in Liontown killed a $6.6b offer from Albemarle, the blockage of the register with major holders led Ellison to say last year SQM’s offer was ‘dead in the water’.
But the return of SQM with Hancock as ally rather than foe has shifted the needle.
Azure shares fell 3.8% this morning as hopes of a competing bid or purchases above the $3.70 offer price faded.
MinRes stock lifted 5.3% on its strong numbers.
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