Three months after the first of three Albemarle offers, Liontown’s chairman snapped up a million shares.
It’s small change in his newly minted $1 billion personal valuation. Still, few on Tuesday failed to notice that Liontown chairman’s purchase of 1 million shares for $1.49 a pop on January 20 was marvellously well-timed, given their price surged to $2.57 on Tuesday.Key to the dramatic rerating was Liontown’s revelation it had rejected an unsolicited, conditional and non-binding takeover offer at $2.50 a share from lithium giant Albemarle Corporation. Which, it turns out, is the third in a set.
Precisely three months after the first , Goyder was buying up shares at a price significantly below that offered by Albemarle, with the broader market none the wiser. “The non-binding, indicative proposal which had been received from Albemarle on October 20, 2022, was expressly conditional on, amongst other things, agreement from the Liontown board,” the statement said.Having kept two rejected offers quiet at the time they were made, it seems Tuesday’s revelation of all three followed some strange price movements in the stock, which put pressure on the board to make sure the market was informed.. He converted 1,654,196 sign-on options at 53.
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