Albemarle withdraws non-binding offer to acquire Liontown Resources

Albemarle (ALB) announced it will not pursue a binding agreement to purchase Liontown Resources (LINRF) and has formally withdrawn its non-binding offer to Liontown’s Board of Directors. The decision comes as Albemarle nears the end of its exclusive due diligence process. “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 company noted growing complexities associated with the proposed transaction as a factor in its decision.