Albemarle Makes Final Proposal for the Acquisition of Liontown
Australian lithium miner Liontown announced that it has received a revised conditional and non-binding indicative proposal from Albemarle to acquire all of the ordinary shares outstanding in Liontown for A$3.00 in cash per share via scheme of arrangement. The revised proposal values Liontown at A$6.6 billion ($4.3 billion) on an equity value basis.
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.
Source: Liontown Resources
