LTR +68.52%: the junior lithium company disclosed that it had received 3 takeover offers from global giant Albemarle, sending shares to a new all-time high. The $2.50/sh all-cash bid values Liontown at over $5b and was a 63% premium to yesterday’s close. Liontown rejected the deal saying it undervalues the opportunity in front of the company which expects to start production at its Kathleen Valley project in mid-2024, a view the market agreed with as the stock closed above the bid today. Lithium has been under pressure over the last 3 months as battery manufacturers draw down inventory, however, today’s bid highlights the long-term opportunity in the space and supported a number of lithium stocks as a result.
MM is bullish lithium, preferring IGO & GL1
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