Asian Tech Press (Nov 02) -- Lithium Americas Corp (NYSE: LAC) announced that it had submitted an unconditional offer to acquire all of the outstanding shares of Millennial Lithium Corp (Millennial) for cash plus equity. Under the terms of the offer, the transaction share price is C$470 million, for a total consideration of approximately US$400 million.
Millennial's Board of Directors has determined that the offer constitutes a superior proposal.
Millennial has notified CATL that it considers the offer to be a superior proposal and that a ten business day matching period has commenced, during which CATL has the right to propose amendments to the terms of the agreement so that the offer is no longer a superior proposal.
The matching period will expire at 4:30 p.m. (Pacific Time) on November 16, 2021.
CATL responded that the matter is accurate, and the details should be subject to the announcement.
Millennial and CATL agreed on September 28 to acquire 100% of Millennial Lithium Corp. for C$377 million (US$298 million). Millennial owns two world-class lithium brine projects in Argentina.
Related article: Tesla battery supplier CATL to buy Canada's Millennial Lithium for C$377 mln
