Talison Lithium Responds to Tianqi Announcement; Share Rise in Heavy Trading

By MidnightTrader.com Staff,

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Talison Lithium Limited (TLH.TO) confirmed today that it has received a non-binding, conditional proposal from Chengdu Tianqi Industry Group Co., Ltd to acquire all of the shares of Talison which it does not currently own at a price of $7.15 per share.

Talison is currently party to a scheme implementation agreement with Rockwood Holdings, Inc. dated August 23, 2012 pursuant to which Rockwood proposes to acquire all of the shares of Talison at a price of $6.50 per share.

Talison says its board will meet in the near future but added the company is not yet in a position to make a determination as to whether the Tianqi proposal is a "Superior Proposal" as defined in the Scheme Implementation Agreement, or reasonably likely to lead to a "Superior Proposal".

Under the terms of the Scheme Implementation Agreement, Talison is at present prohibited from discussing or negotiating the Tianqi proposal or granting due diligence access, as contemplated in the Tianqi proposal.

"In the meantime, the Scheme Implementation Agreement remains in effect, and there can be no certainty that a transaction giving effect to the Tianqi proposal will be pursued or implemented," Talison said.

TLH shares rose 1% to $7.14 in heavy trading of 3.36 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
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