Its Over, page-17208

..I reckon Albemarle is buying as much in the open market at circa $2.50-2.55 from market participants unprepared to wait longer and assuming that their takeover proposal has taken a cold shower. They are buying progressively at that price in the open market so they could make a general offer at a higher price maybe $2.80 down the line for fewer shares than they would otherwise have to.  
..They are not going anywhere and their takeover is only a matter of time...at a higher price.
Albemarle woos Liontown investors as frenzy turns into staring contest
Sarah Thompson, Kanika Sood and Emma Rapaport
Apr 3, 2023 – 9.33pm


Albemarle is taking a break from buying Liontown Resources shares, instead focusing on selling the merits of its bid to shareholders in the hopes they will turn on the pressure and force the lithium outfit to engage.
Albemarle begun canvassing the Liontown register this week, making its three-pronged pitch: that its $2.50 a share bid was a 63 per cent premium to undisturbed price, it was well funded to execute, and would free shareholders from the uncertainty of the years until production.

Albemarle has also shown remarkable restraint with its on-market buying. Sources said the US giant had limited itself to buying at $2.50 a share to avoid resetting the minimum threshold for future bids, meaning it did most of its Liontown shopping around Tuesday and has sat still since.

Despite the pitch – and its discipline in sticking to the $2.50 – investors expect Albemarle has at least another price bump in its arsenal.

That’s for a couple of reasons. Despite pouting about lack of engagement from the target, it hasn’t declared its bid “best and final”. The company also bought shares wherever it could, and is trying to work up support directly from shareholders – a lot of work to do if on the verge of walking away.


Yet, Albemarle has let a week go by without budging from its rebuffed $2.50 a share bid. The staring contest has investors bracing for a slow-moving back and forth, although a competing bid is still on the cards.

There are many parties who could be interested in the Tim Goyder-chaired Liontown – from SQM and Rio Tinto to Wesfarmers. But Albermarle’s bid is already at a 63 per cent premium – some $5.5 billion – and already an increase on two earlier offers, one at $2.20 in October and another at $2.35 last month.

In the odd case that no competing bidders dial into the action, investors expected Albemarle would still have to bid against itself and walk closer to the $3 mark that Liontown’s board is understood to be holding out for.