Liontown’s retail investors will get a 15-fold return in just three years thanks to Albemarle’s latest bid. But whether it is enough to secure their backing may depend on chairman Tim Goyder.
Ever since former Rio Tinto chief executive Tom Albanese declared in late 2007 BHP’s takeover offer for Rio was “ballparks” away from what was required to clinch the deal, deal makers in the mining sector have been trying to figure out just how big a ‘ballpark’ actually is.
While the 20 per cent premium represents an extra $1.1 billion in the pockets of Liontown shareholders, it also represents a 36 per cent premium to the $2.20-a-share offer that Albemarle turned up with in October 2022, and a staggering 97 per cent premium to Liontown’s share price on the March 27, the day before Albemarle’s bid was made public.
While Ottaviano was obviously using a bit of poetic licence when he echoed Albanese’s infamous “ballparks” call, there is no question that Team Liontown had been talking a big game about holding out for a bigger price from Albemarle, given the long-term outlook for lithium demand and theAccording to the Liontown theory, not only could Kathleen Valley provide the feedstock for Albemarle to expand its Kemerton lithium processing plant near the West Australian town of Bunbury, but it could also...
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