Albemarle withdraws $6.6b buyout offer, deal falls through with Liontown Resources

• Albemarle Corporation withdraws its proposal to acquire Liontown Resources (ASX:LTR)
• The previous deal was to acquire all outstanding shares for $3.00 each via a scheme of arrangement
• Albemarle’s decision was based on the increasing complexities associated the transaction
• Liontown’s focus now turns to delivering the Kathleen Valley project by mid-2024
• LTR shares last traded at $2.79 before entering a halt

Liontown Resources (ASX:LTR) had previously received a non-binding proposal from Albemarle Corporation to acquire all outstanding shares for $3.00 each via a scheme of arrangement.

However, Albemarle has now decided not to proceed with this proposed acquisition.

Albemarle’s decision to withdraw its proposal was based on the increasing complexities associated with executing the transaction.

Despite this, Albemarle expressed a positive view of Liontown’s flagship Kathleen Valley project and its management.

Liontown remains unwavering in its commitment to its strategic plan and is confident in its ability to succeed independently.

The focus of Liontown’s Board of Directors and leadership team is on bringing the Kathleen Valley lithium project into production.

“We acknowledge Albemarle’s decision. They were constructive and respectful throughout the diligence process,” LTR Managing Director and CEO Tony Ottaviano said.

Liontown Resources is currently in a trading halt but last traded at $2.79.