Liontown shares soar on sweetened takeover offer
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More news: Shares in lithium miner Liontown Resources jumped more than 10% to $2.90 in early trading on the ASX, after its board agreed to a sweetened takeover bid from battery chemicals giant Albermarle of $3 a share, up from a previous bid of $2.5 a share.
Liontown Resources backs sweetened $6.6b bid from Albermarle
The news: Lithium producer Liontown Resources has recommended shareholders accept a revised takeover offer by US-based battery chemicals giant Albermarle.
The numbers: Under its revised proposal, Albermarle is offering $3 per share in Liontown, valuing the Perth-based miner at $6.6 billion. Liontown’s board had previously rejected a $2.50 a share offer from the same suitor in March.
The context: Liontown, which is due to start production at its Kathleen Valley project in WA in mid-2024, said its board had granted Albermarle a limited period of exclusive due diligence after carefully considering the revised offer. The latest bid underlines the strong interest in Australian lithium miners as global interest in the battery-making material surges amid soaring demand for electric vehicles.
The source: ASX announcement
