Albermarle Withdraws $4.2 Bln Offer For Liontown Resources

(RTTNews) - Albemarle Corp. (ALB) has withdrawn its proposed $4.2 billion takeover of Liontown Resources, citing complexities associated with the proposed transaction.

The decision came after Australia's richest person, Gina Rinehart, reportedly bought a large stake in Liontown. The shareholding would likely have been enough to block the Albemarle bid.

On 4 September 2023, Liontown Resources said that it received a revised conditional and non-binding indicative proposal from Albemarle to acquire all of the ordinary shares outstanding in Liontown for A$3.00 in cash per share via scheme of arrangement.

Albemarle had advised that the revised indicative proposal was its best and final proposal, in the absence of a superior proposal.

Liontown had said it intended to unanimously recommend that its shareholders vote in favor of the revised proposal, in the absence of a superior proposal.