The Liontown Resources Ltd (ASX: LTR) share price has exited a short-lived trading halt, responding to a report that it had fielded a new takeover offer.
In what might be disappointing news for merger and acquisition (M&A) fans, the S&P/ASX 200 Index (ASX: XJO) lithium hopeful dismissed the rumours.
It said it hasn't been approached by any suitor since New York-listed lithium giant Albemarle's recent $2.50 per share bid, rejected in March.
The Liontown share price was frozen at $2.71 for much of this morning. It has since leapt 1.66% on its return to trade. Right now, the stock is swapping hands for $2.755 apiece.
Let's take a closer look at what's been going on with the ASX 200 lithium developer today.
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Liontown share price lifts on response to takeover rumours
Plenty of eyes were on the Liontown share price this morning as rumours Albemarle's highest offer could have been bested by 10% were shot down.
The Australian Financial Review reported yesterday evening that a second suitor was on the scene, facing up against Albemarle for control of the lithium hopeful.
But the report was rebuffed by Liontown this morning, with the company saying:
Liontown advises that it has not received any takeover proposals, including any non-binding indicative proposal, since the rejection of the Albemarle proposal on 28 March 2023.
Of course, many market watchers were likely excited by the prospect of a new takeover offer.
Particularly due to the calibre of "logical bidders" named by the publication. They included South32 Ltd (ASX: S32), Fortescue Metals Group Limited (ASX: FMG), and Wesfarmers Ltd (ASX: WES).
The rumoured bid was said to have been priced at around $2.75 per share. Such an offer would have represented a 1% premium on the stock's current price. It would also have been 3% lower than the record high of $2.835 the stock reached last month.
Bell Potter, for one, appears to believe a successful offer would need to be priced higher.
It slapped Liontown shares with a $3.35 price target following Albemarle's highest offer, my Fool colleague James reported. The broker said Albemarle's bid was "reasonable, but not full".
