Liontown Resources is understood to have fielded a fresh takeover proposal in recent weeks, as a rival bidder seeks to go up against NYSE-listed Albemarle’s $2.50 per share attempt in late March.
Street Talk can reveal a mystery suitor lobbed a bid in April. Fingers were pointing to Credit Suisse as the likely adviser, whose equity capital markets team has been the top broker buying up Liontown shares for the past month.Credit Suisse’s resources bankers have previously advised Rio Tinto on its acquisition of copper-gold miner Turquoise Hill alongside RBC Capital Markets and Rothschild.
Whoever it is, they have ring-fenced their buying to $2.75 a share, implying the bid would have been around that mark. TAdvertisementThe race for Liontown is expected to be raised with Albemarle executives in coming days when the North Carolina-based company hands down its quarterly results on May 3. The lithium giant hasn’t made a move since March, but is understood to want a friendly deal. It has been careful to not buy shares above its bid levels, sources said.
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