Lithium giant Albemarle is understood to be digging in its heels at Liontown Resources, and expected to make a push for the target to put the $2.5 a share offer to its shareholders.
Sources said Albemarle thought that it had made three bids already since October, each at a healthy premium and now deserved to find out what Liontown’s shareholders thought of the latest $2.50 one, instead of getting rejected outright by the board.
Albemarle was understood to be pushing for Liontown’s board to put the offer straight to shareholders, even if meant doing it without a board recommendation in something that would be unlikely to happen with Tim Goyder on the register and the board. Meanwhile, it had hit picked up about 2.5 per cent of Liontown’s stock and had no restrictions on building the position, should it wish.
Liontown’s shareholder register has Tim Goyder and a loyal following with a big chunk, but there would undoubtedly also be fund managers staring at their FY23 numbers with just three months to go. It’s turned into a bit of a stare down.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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