By David Winning
SYDNEY–Lithium miner Liontown Resources said Albemarle has raised its takeover offer and signaled its directors intend to recommend shareholders vote in favor of the proposal that values its equity at about 6.61 billion Australian dollars (US$4.25 billion).
Liontown on Monday said Albemarle, the world’s largest lithium miner, is now proposing to acquire the company for A$3.00-a-share in cash. It had previously rejected several bids from Albemarle as too low.
Albemarle has advised Liontown that the new offer is its best and final proposal, Liontown said.
“After carefully considering the revised indicative proposal, the Liontown Board has determined to grant Albemarle an opportunity to conduct a limited period of exclusive due diligence,” Liontown said in a regulatory filing.
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