Lithium maker Lithium Americas made a $400 million stock and cash offer for Canadian Lithium producer Millennial on Nov. 1, beating ningde Times' C $377 million ($298 million) offer. Ganfeng Lithium is the largest shareholder in Lithium Americas.
The tender offer for Lithium Americas is C $4.70 (US $3.80) per share, payable in Lithium Americas common stock plus C $0.001 in cash. Millennial shareholders will own about 9.9% of Lithium Americas, based on the closing price on Oct. 29.
Millennial said it has until Nov. 16 to revise its offer if Ningera is competing with Lithium Americas.
Millennial is primarily engaged in the acquisition, exploration and development of lithium mineral rights. Millennial currently has two salt lake projects to be developed or explored in Argentina: Pastos Grandes and Cauchari East. Millennial holds a 100% interest in both projects. According to a June report, the company measured and indicated a lithium carbonate equivalent of about 4.12 million tons. If the Millennial acquisition succeeds, Lithium Americas will have access to 24,000 tons of battery-grade Lithium carbonate per year for the next 40 years.
Battery.com notes that the Lithium Americas offer is Millennial's third acquisition offer since July. According to the timeline, Ganfeng Lithium is the earliest Chinese company that proposed to acquire Millennial. In July, Ganfeng Lithium offered no more than 353 million Canadian dollars, and in September ningde Times made a higher offer, paying 3.85 Canadian dollars a share for Millennial, for a total of 377 million Canadian dollars. That topped a C $3.60 per share offer made in July by Ganfeng Lithium, Lithium Americas' largest shareholder, which subsequently withdrew its bid.
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