- A lithium industry participant has backed away from a proposed off-market takeover of Essential Metals (ESS)
- Essential emerged from a trading halt today to reveal it received an unsolicited, non-binding indicative takeover proposal
- The company says its board along with corporate and legal advisers reviewed the proposal with the interested party and following deliberations, the takeover bid was withdrawn
- The interested party reportedly decided it was unlikely the transaction would be successful, given the recent upward trajectory in the Essential share price
- ESS shares down 9.49 per cent to 62 cents
Essential Metals (ESS) says a lithium industry participant has backed away from a proposed off-market takeover of the company.
Essential emerged from a trading halt today to reveal it had received an unsolicited, non-binding indicative takeover proposal.
The offer was subject to conditions including due diligence, a unanimous recommendation by the Essential board and a 90 per cent minimum acceptance threshold.
The company said its board along with corporate and legal advisers reviewed the proposal with the interested party.
However, following deliberations by both parties, the takeover proposal was withdrawn.
The interested party reportedly decided it was unlikely the transaction would be successfully completed given the recent upward trajectory in the Essential share price.
Essential said it appreciated the interest in the company.
ESS shares were down 9.49 per cent to 62 cents at 11:41 am AEST.