Tecpetrol Investments on Thursday formally initiated its previously announced all-cash offer to acquire Canada-headquartered Alpha Lithium.
The notice and advertisement of the offer, which Tecpetrol took directly to Alpha shareholders, appeared in local newspapers, while the takeover bid circular and related documents have been filed with the Canadian securities regulators on Sedar.
Tecpetrol is offering Alpha shareholders C$1.24 a share in cash. The offer is open for acceptance until September 22.
The company said it remained open to discussions with Alpha Lithium and that there was potential to increase the offer price.
“Tecpetrol is prepared to do so on terms that protect the confidentiality of those discussions regarding price without inappropriately limiting the opportunity for shareholders to decide whether to accept the offer or otherwise restricting Tecpetrol’s strategic options.”