On March 27, 2023, Liontown Resources (LINRF) received an unsolicited, conditional and non-binding indicative proposal from Albemarle (ALB), in which Albemarle would acquire all of the shares in Liontown at a price of A$2.50 per share via a scheme of arrangement. Liontown has also recently become aware that RT Lithium, a subsidiary of Albemarle, has been building a stake in Liontown through on-market purchases. Based on the most recent share registry information available, RT Lithium now holds roughly 2.2% of Liontown’s issued shares. The Liontown board and its advisers carefully considered the proposal and unanimously determined that it substantially undervalues Liontown, and therefore is not in the best interests of shareholders. The Liontown board has therefore rejected the proposal.
Published first on TheFly
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