Delta "An obvious takeover target", page-99

Some relevant news from today's AFR again (Wednesday, 27/09/2023):

* Big line of Liontown trades at $3 a share; fingers point to Rinehart
https://www.*afr*.com/street-talk/big-line-of-liontown-trades-at-3-a-share-fingers-point-to-rinehart-20230927-p5e821

Stockbroker Euroz Hartleys traded a line of 35.2 million shares in Liontown Resources after market close on Wednesday evening at $3 a share, with fingers pointing to Gina Rinehart as the buyer.Gina Rinehart wants a say at Liontown.
The trade was worth $105.5 million and represented less than 2 per cent of the company. The choice of the broker and price paid – $3 is the same as Albemarle’s non-binding bid – suggested Rinehart was the buyer. Hancock would own about 13 per cent of Liontown Resources after Wednesday’s shopping.
It has been buying more of the stock at $3 since September 11, including forking out more than $132 million for about 44 million shares on Monday. Hancock has said it wants a big say in the future of Liontown, while spelling out concerns about Liontown’s flagship Kathleen Valley project in the northern goldfields of Western Australia.
Albemarle was granted four-week due diligence on September 11.

* MinRes wins fight for Bald Hill lithium mine after court hearing
https://www.*afr*.com/companies/mining/minres-wins-fight-for-bald-hill-lithium-mine-after-court-hearing-20230927-p5e83v
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MinRes boosts war chest
Albemarle is pushing ahead with due diligence on its $6.6 billion takeover offer for Liontown as Mrs Rinehart’s Hancock Prospecting pushes for a role in building and operating Liontown’s flagship Kathleen Valley project in the northern Goldfields. Mr Ellison recently became non-executive chairman of MinRes and Hancock-backed Delta Lithium, which owns the Mount Ida lithium project about 200 kilometres south of Kathleen Valley.
MinRes boosted its war chest for potential lithium deals and expansion on Tuesday when it turned to the US bond market for $US850 million ($1.325 billion) in new debt funding. MinRes said on September 4 that it did not intend to raise equity to fund the Bald Hill acquisition.
Bald Hill is expected to cost MinRes several hundred million dollars. The price is subject to an independent expert valuation.
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