Australia’s Talison Lithium undecided on rival bid from Chinese firm

20 November 2012 16:45  [Source: ICIS news]

TORONTO (ICIS)--Talison Lithium has received a rival takeover bid from a Chinese firm but cannot yet decide whether that bid is better than Rockwood’s takeover offer from August, the Toronto-listed Australian lithium firm said in a regulatory filing on Tuesday.

US-based specialty chemicals firm Rockwood had offered to acquire Talison for Canadian dollar (C$) 6.50/share in a cash deal valued C$724m ($724m).

Talison said that Chengdu Tianqi Industry Group (Tianqi) submitted a non-binding, conditional offer of C$7.50/share.

However, Talison added that it is not yet in a position to determine whether Tianqi’s proposal would be superior to Rockwood’s offer.

Also, under the terms of its agreement with Rockwood, Talison is at present prohibited from discussing or negotiating the Tianqi proposal or granting due diligence access, it said.

“The Talison board will meet in the near future to consider the Tianqi proposal,” it added.

Rockwood media officials could not immediately be reached for additional comment.

Talison’s shares were priced C$7.11/share, down 0.4%, at 11:11 hours on the Toronto Stock Exchange.

($1 = C$1.00)

By: Stefan Baumgarten
+1 713 525 2653

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