Lithium Americas Corp (NYSE:LAC), Livent Corp (NYSE:LTHM), Piedmont Lithium Inc (NASDAQ:PLL), Sigma Lithium Corp (NASDAQ:SGML), Standard Lithium Ltd (NASDAQ:SLI) and Sociedad Quimica y Minera de Chile (NYSE:SQM) shares are all trading higher Tuesday afternoon.
Shares of lithium companies at large are trading higher after Albemarle Corporation (NYSE:ALB) disclosed it submitted an acquisition proposal to Liontown Resources.
What Happened?
Albemarle on Monday confirmed that it submitted a non-binding proposal to acquire all outstanding shares of Liontown by way of scheme of arrangement for $1.661 per share in cash, which values Liontown at $3.4 billion on an enterprise basis.
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Albemarle says, to highlight a commitment to the transaction, the company has accumulated a less than 5% stake in Liontown stock as of March 27, through on-market purchases.
Albemarle notes that the Liontown Board has not meaningfully engaged with Albemarle to facilitate its shareholders receiving the benefits of the proposal.
