Canada-headquartered Alpha Lithium said on Monday that shareholders did not have to take any action regarding Tecpetrol’s announcement of an unsolicited bid, noting that the potential offer had not been formally made.
Alpha said it had formed a special committee comprising of its four independent directors to consider Tecpetrol’s bid, when a formal offer is received.
“The board will thoroughly consider the offer and related takeover bid circular with its financial and legal advisers, as well as actively investigate all possible alternatives to the offer, including any competing offers,” Alpha stated.
Tecpetrol on Friday announced that it would bypass the Alpha board and take its C$2.41-a-share offer directly to shareholders, stating that it had failed to constructively engage with Alpha.
Alpha stressed that Tecpetrol’s announcement contained a number of “misleading, factually inaccurate and incomplete statements and therefore, should be viewed with significant skepticism and caution”.