Recently rejected suitor, US specialty chemicals firm Albemarle Corporation (NYSE:ALB) has tabled a sweetened bid to acquire Australian lithium start-up Liontown Resources Limited (ASX:LTR) in a deal valuing the target company at about AUD 6.6 billion (USD 4.26 billion/EUR 3.95 billion). Albemarle?s new, conditional and non-binding indicative proposal provides for each Liontown share to be exchanged for AUD 3.00 apiece. It is Albemarle?s best and final proposal, in the absence of a superior proposal, according to a statement from September 4, 2023.
The Australian firm said that its board has determined 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. Liontown at the end of March turned down an improved AUD-5.5-billion takeover bid from Albemarle considering the offer substantially under-priced. The previous bid implied a consideration of AUD 2.50 per Liontown share.