Liontown rejects Albemarle takeover bid
Alex Gluyas
Liontown Resources has rejected a takeover bid from Albemarle Corporation after its board unanimously determined that the offer substantially undervalued the company.
Liontown said it received an unsolicited, conditional and non-binding indicative proposal from Albemarle on Monday, offering $2.50 a share.
The proposal followed “careful consideration and rejection” of earlier non-binding indicative proposals received from Albemarle at $2.35 per share on March 3 and $2.20 per share on October 20, 2022, Liontown said.
Liontown’s board noted the opportunistic timing of Albemarle’s proposal, coinciding with recent softness in companies exposed to the lithium sector and the pre-production status of the Kathleen Valley Project.
Liontown also said it was aware that RT Lithium, a subsidiary of Albemarle, had been building a stake in Liontown through on-market purchases.
Based on the most recent share registry information available, RT Lithium now holds around 2.2 per cent of Liontown’s issued shares.
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