The new cash offer of A$3 per share represents a 14.5% premium to Liontown's last closing price of A$2.62 on Sept. 1 and is 20% higher than Albemarle's offer of A$2.50 per share, which the company rejected as too low in late March.

Albemarle said that the revised indicative proposal is its best and final proposal, in the absence of a superior proposal.

Liontown confirmed that, subject to entry into a mutually acceptable non-disclosure and exclusivity agreement, its board intends to unanimously recommend that shareholders vote in favor of the new offer in the absence of a better offer and after an independent expert has reviewed the deal.