The Liontown Resources Ltd (ASX: LTR) share price has been on a roll lately, leading the lithium stock to post a new record high on Tuesday.
Shares in the $6 billion newly-turned battery metals miner soared 68% late last month on the back of a rejected $2.50 takeover offer from industry giant Albemarle. That valued the ASX company at around $5.5 billion.
It has since gained another 7.8% – including today's 2.6% leap – to $2.77 a share on Tuesday, the highest it's ever been.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is down 0.3% today and has gained 6.8% over the last 30 days.
Let's take a closer look at what's been going right for the ASX 200 lithium share lately.
What's been going right for the Liontown share price?
The Liontown share price has taken off in recent weeks, helped by interest from a US$24 billion peer.
On rejecting Albemarle's $2.50 per share bid, it revealed the New York-listed giant had previously made a $2.20 per share offer in October and a $2.35 per share offer in early March.
Liontown also said it didn't think the highest of the offers reflected recent derisking at its Kathleen Valley Lithium Project. Production at the project is tipped to kick off in 2024.
Not to mention, potential early revenue from direct shipping ore, expansion opportunities, and the project's scale, quality, or Australian location.
But the rejection seemingly didn't end Albemarle's interest. It's bolstered its stake in Liontown to around 4.3% after its third acquisition offer was knocked back.
All this has likely left some investors hopeful that a fourth, larger takeover offer could soon hit the table.
Even short sellers appear to be expecting more from the Liontown share price's future. Short interest in the company's stock has tumbled to sit 5.5% in recent weeks after peaking at 9.1% last month.
