Lithium Americas Corp LAK, livent corp LTHM, Piedmont Lithium Inc PLL, Sigma Lithium Corp SGML, standard lithium ltd SLI And Sociedad Quimica y Minera de Chile QM Stocks are all trading higher on Tuesday afternoon.
Stocks of lithium companies in general trade higher thereafter Albemarle Corporation ALB disclosed that it had submitted a takeover proposal Liontown Resources.
What happened?
Albemarle confirmed Monday that it has made a non-binding offer to acquire all of Liontown’s outstanding shares under a scheme of arrangement for $1.661 per share in cash, valuing Liontown at $3.4 billion on an enterprise basis.
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Albemarle says that to underscore its commitment to the transaction, the company acquired less than a 5% stake in Liontown stock through market purchases on March 27.
Albemarle notes that Liontown’s board of directors did not meaningfully engage with Albemarle to allow its shareholders to receive the benefits of the proposal.
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