Albemarle confirms non-binding agreement to acquire Liontown

Albemarle confirmed that it will be working toward the execution of a binding agreement to acquire Liontown Resources Limited Albemarle notes the announcement to the ASX by Liontown and confirms that it submitted a best and final non-binding proposal, in the absence of a superior proposal, to acquire all outstanding shares of Liontown by way of scheme of arrangement for A$3.001 cash per share. The Revised Proposal values Liontown at A$6.6B or $4.32B on an equity value basis. The Liontown Board has confirmed to Albemarle that, subject to entry into a mutually acceptable non-disclosure and exclusivity agreement, it intends 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. Should Albemarle make a binding proposal at $3.00 per share, the Liontown Board intends to unanimously recommend that Liontown shareholders vote in favor of the Revised Proposal, in the absence of a superior proposal, and subject to the parties entering into a mutually acceptable binding SID, the completion of Albemarle’s due diligence to Albemarle’s satisfaction, and an independent expert concluding that the Revised Proposal is in the best interests of Liontown shareholders. Albemarle and Liontown will enter into a mutually acceptable non-disclosure and exclusivity agreement granting Albemarle with an exclusivity period to undertake confirmatory due diligence and negotiate a binding SID.