Liontown Resources (ASX:LTR) has granted US lithium giant Albemarle an additional seven days to finalise its proposed $3 per share bid, as Gina Rinehart's Hancock Resources secures a 19.9% stake.
In a brief statement to the ASX on Thursday, Liontown disclosed that Albemarle had requested an extension for exclusive due diligence, which was granted.
Albemarle's request for more time came shortly after Hancock revealed its substantial 19.9% stake in Liontown in a statement on Wednesday. Hancock expressed its strategic objectives and anticipation of exerting a significant influence on Liontown's future as its largest shareholder.
Albemarle has declared its bid as 'best and final,' implying that the current offer cannot be increased, and the bidder would have to step away for six months before returning with an improved offer.
Now, Albemarle faces a crucial decision: to collaborate with Australia's wealthiest individual or withdraw from Liontown.
Thursday, October 19, is looming as the pivotal day for the proposed $6 billion plus bid from the US group.
