Hosh hello,your girl has been busy today.DYOR
Until now that is. Rinehart and SQM will jointly run a scheme to acquire the rest of Azure they don’t hold, valued in the bid at close to $1.7 billion. It comes at a 5.1% premium to SQM’s offer and 63.9% premium to Azure’s 10-day VWAP before the announcement of the previous Azure bid.A secondary off-market takeover offer for $3.65 per share could be triggered if SQM and Hancock aren’t successful in their scheme deal.
Ironically, SQM had included a similar clause in their previous offer to avoid a repeat of Albemarle’s failed $6.6 billion bid for Liontown Resources (ASX:LTR), which was torched after Rinehart built a blocking stake in a $1.3 billion splurge.
Together Hancock and SQM already own over 37% of Azure’s shares, making the offer despite the fact its 60-40 Andover JV is yet to report a resource.
