Dec 6 Talison Lithium Ltd said on
Thursday 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).
Shares of the Perth-based, Toronto-listed miner rose more
than 6 percent Thursday morning but were still below the revised
Tianqi offer of C$7.50 per share.
The revised bid is higher than Tianqi's earlier offer of
C$7.15 per share and 15 percent higher than a competing C$6.50
per share bid from chemical producer Rockwell Holdings Inc
, 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
Talison recently completed an expansion at its flagship
project in Australia and now has the capacity to produce nearly
two-thirds of current global demand for lithium carbonate, which
is used in batteries for technology items like smartphones and
Shares of Talison were up 6.84 percent at C$7.34 Thursday
morning on the Toronto Stock Exchange.