On Sep. 3, Liontown had received a revised conditional and non-binding indicative proposal from Albemarle to acquire all of the outstanding shares in Liontown for A$3.00 in cash per share via scheme of arrangement. The revised proposal valued Liontown at A$6.6 billion ($4.3 billion) on an equity value basis.

"Our engagement with the Liontown team has been meaningful and productive. We appreciate the level of cooperation we have received, and we thank the entire team for their efforts," said Kent Masters, CEO of Albemarle. "That said, moving forward with the acquisition, at this time, is not in Albemarle's best interests."

The stated that growing complexities associated with the proposed transaction were a factor in its decision.

Albemarle said it will continue to pursue its long-term growth strategy and that its capital allocation priorities remain high-yield organic and inorganic growth, maintaining the company's financial flexibility and investment-grade credit rating, and funding its dividends.