(Reuters) -Australia’s Liontown Resources said on Monday it recommended a revised takeover offer from Albemarle Corp valuing the company at A$6.6 billion ($4.26 billion).
The new offer price is A$3 per share, higher than A$2.50 the company received in March.
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Liontown’s board determined that it will grant Albermarle, the world’s biggest lithium producer, a limited period of exclusive due diligence, the company said.
Liontown had previously knocked back an approach from Albemarle that valued the lithium developer at A$5.50 billion.
Of Liontown’s two prior proposals from Albemarle, the first offer of A$2.20 per share was on Oct. 20 last year, and the second of A$2.35 was earlier in March.
($1 = 1.5504 Australian dollars)
(Reporting by Poonam Behura; Editing by Kim Coghill and Christian Schmollinger)
By: OAN
