Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Lithium Australia has declared its off-market takeover offer for fellow-listed Lepidico unconditional, after gaining a 17.86% foothold in the company.
Lithium Australia earlier launched a A$23.8-million off-market scrip bid for Lepidico, offering that company’s shareholders one of its own shares for every 13 Lepidico shares held.
Lepidico has maintained that shareholders should reject the Lithium Australia offer, citing an independent assessment which found that the offer was neither fair or reasonable, and which valued Lepidico shares at between 1.6c and 2.1c a share. This was compared with a trading price of 1.35c a share for Lithium Australia on March 24.
The off-market takeover offer is currently scheduled to close on April 18.