Azure’s board has accepted an offer of $3.50 per share, a staggering 54 per cent higher than SQM’s first approach.
has agreed to sell itself to Chilean giant Sociedad Química y Minera for $1.63 billion, as deal fever sweeps through the West Australian lithium sector.
Before Azure became a takeover target, shares in the lithium hopeful were worth just 12¢ in January, valuing the company at $68 million. Azure is seeking to build its flagship Andover project in the West Pilbara.SQM is the largest shareholder in Azure with a 19.9 per cent stake, and is eager to grow its Australian lithium footprint as a way of diversifying beyond Chile. SQM is alreadyAzure told the market on Thursday that major shareholder, Delphi Group, intends to support the bid.
“The transaction provides Azure shareholders with a compelling opportunity to de-risk their investment and realise certain value at an attractive premium to historical trading levels.”for WA developer Liontown Resources.
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