Liontown Resources was among several companies to successfully raise money for lithium projects,such as the production of electric vehicle batteries.Credit:
Albemarle,which already holds a 2.2 per cent stake in Liontown through its subsidiary RT Lithium,had its previous $2.50-a-share offer rejected in March.
The latest bid,Albemarle’s third in five months,is at a 15 per cent premium to Liontown’s closing share price on Friday. Its previous non-binding proposals were made on March 3 this year,at $2.35 a share,and on October 20 last year at $2.20 a share.
Liontown Resources,chaired by Tim Goyder (above),says it will open its books to Albemarle.Credit:Trevor Collens
The takeover target’s shares soared on news of the revised offer,jumping more than 9 per cent to $2.86 in afternoon trading.
If successful,the deal would deliver a stunning return for Liontown’s faithful early shareholders. The miner listed on the ASX in 2018 at 3¢.
Liontown’s register is dominated by its chairman,Tim Goyder,who owns a 15 per cent stake in the miner. Another 20 per cent is reportedly in the hands of investors closely aligned to Goyder and the miner’s long-term vision.