@likeaphoenix, I tend to agree with your arguments, valuation is a concern, there is a concern about lots of conversion capacity coming online in general, although I think building and operating a shared conversion facility in Canada for both companies would make sense, location does also matter to a certain extent. Allkem could prosper on its own, although the operating cost and investment synergies would be one of the main arguments for a merger + DLE expertise being put to use at Allkem's brine sites.
When it comes to valuation Allkem brings much more resources and capacity, however earnings / cash flows is what matters. Kroll calculated a net present value per DCF method for every project. Allkem did the same before and released their results on September 25th. Every shareholder should go through both valuations and ask wether or not the assumptions for prices, costs etc. make sense and if the valaution difference is justified. Or maybe Kroll made the valuation fit their preconveived goal to justify the merger. I don't know, you will only now that if you go deep into the details and question each assumption that went into their valuation model for each project.
As for the share prices, sure they reflect the merger ratio in anticipation for the merger. I would only expect something difference if the market had without a doubt had a clear expectation that the deal will definitely fail. But nobody really knows yet what will happen, not even the Livent or Allkem CEO.
I certainly would not make my vote dependent on who will be the CEO afterwards. If Martin wants to leave the company and his contract allows it, let him go. As for divdiends, I don't want them. They make no sense for this company. If you need cash sell some shares. If this stock would go ex-dividend then the expectation is that you get the same share price minus the dividend amount. It is absurd to think that you would be better of if the company pays you out a little dividend and then the money is missing at the company and get be used for more useful things like: share buybacks, debt reduction or investments in profitable projects. Paying out a little dividend does not create any shareholder value. It is like taking some money out of your right pocket and putting it in your left pocket. You haven't gained anything. (just payed taxes on the dividend)
