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Albermarle (NYSE:ALB) said it withdrew its non-binding offer for Australian lithium miner Liontown Resources (OTCPK:LINRF).
Albermarle (ALB) also withdrew its offer to Liontown’s board of directors, according to a statement on Sunday.
“Our engagement with the Liontown team has been meaningful and productive,” Kent Masters, CEO of Albemarle, said in the statement. “We appreciate the level of cooperation we have received, and we thank the entire team for their efforts. That said, moving forward with the acquisition, at this time, is not in Albemarle’s best interests.”
Albermarle (ALB) noted “growing complexities” with the proposed transaction as a factor in its decision.
The decision to abandon the Liontown (OTCPK:LINRF) offer comes after the lithium miner on Sept. 11 granted Albemarle (ALB) four weeks to look over its books following a fresh takeover proposal valuing it at ~US$4.2 billion. Last week, Liontown gave Albermarle an additional week.
Liontown (OTCPK:LINRF) is developing one of the largest and highest-grade hard rock lithium deposits in the world.
Liontown (OTCPK:LINRF) is developing one of the largest and highest-grade hard rock lithium deposits in the world.
