Aim- and ASX-listed Atlantic Lithium has rejected a conditional and nonbinding offer from major shareholder Assore International Holdings to acquire all shares in Atlantic not already owned by it for 33p, or A$0.63, a share.
An independent board committee established to consider the offer has determined that the offer undervalues Atlantic and is, therefore, not in the best interest of shareholders.
"Assore, a major African mining company, has been a leading investor and key contributor to the company's success since its listing in London in 2015. We look forward to maintaining our strong relationship with Assore as we progress Ewoyaa towards production," comments Atlantic chairperson Neil Herbert.
Atlantic is developing the Ewoyaa lithium project in Ghana.