UPDATE: Market Chatter: Talison Lithium Now Backing China Bid; Talison Edges Nearer Yr Highs
Talison Lithium Ltd (TLH.TO) said it is now backing a sweetened takeover bid from China's Chengdu Tianqi Industry Group Co, which values the lithium producer at C$847 million ($853.01 million), or $7.50 per share, Reuters reported.
The revised bid is higher than Tianqi's earlier offer of C$7.15 per share and 15% higher than a competing C$6.50 per share bid from chemical producer Rockwood Holdings Inc ( ROC ), which valued Talison at C$724 million.
The Talison board said it now recommends that shareholders accept the Tianqi offer, in the absence of a new bid from Rockwood.
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