US critical minerals major Albemarle has confirmed a A$6.6-billion bid to acquire ASX-listed Liontown Resources. Liontown on Monday announced that it had received a revised conditional and non-binding indicative proposal from Albemarle, which was offering A$3 a share in cash for the ordinary shares outstanding in Liontown.
PERTH – US critical minerals major Albemarle has confirmed a A$6.6-billion bid to acquire ASX-listed Liontown Resources.
Albemarle earlier this year made a non-binding indicative proposal of A$2.50 a share for Liontown, which the Australian company knocked back, saying it ‘substantially’ undervalued the company. Liontown told shareholders that the board has determined to grant Albemarle an opportunity to conduct a limited period of exclusive due diligence, subject to customary fiduciary exceptions, to enable it to put forward a binding proposal, subject to the parties agreeing to a mutually acceptable non-disclosure and exclusivity agreement.
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