Do you think if Hancock-Ellison place a bid for Azure that SQM aren't prepared to match, Albemarle would even bother trying the same bid arrangement with LTR?
Gina clearly has more money than just about everyone else in the space. You need RIO, BHP or WES to enter the fray imo. RIO is concentrating on early stage projects and BHP have said on numerous occasions they're not even prepared to enter the lithium space.
The good fortune for Azure shareholders is Barrenjoey learnt from the ALB failed bid and structured the Azure bid such that if the SOA failed at 3.52, or if Gina went over 19%, they reverted to a TO bid price of 3.50. Even better, SQM reserved the right to match any superior bid and still win. So shareholders were much better protected compared to LTR shareholders and, if Gina-Ellison want Azure they will need to bid better than SQM prepared to match. Seems market thinks $4 bid coming.
I have moved on from takeover speculation and now looking at LTR again as a good longterm investment. Hence, sentiment returned to buy.
G
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