Global Lithium accepts $333M Titan buyout offer
- Global Lithium Resources has entered into a binding scheme implementation deed to be acquired by Titan Australia Mining.
- The $1.15 per share cash offer values Global Lithium at $333 million and represents a 73% premium to its last traded price.
- The transaction allows Titan to secure Australian lithium assets to supply feedstock for its battery-grade processing facility in Abu Dhabi.
Global Lithium Resources (ASX:GL1) has agreed to a full acquisition by Titan Australia Mining via a scheme of arrangement for $1.15 per share in cash, valuing the target company approximately $333 million.
The cash offer provides a 73% premium over Global Lithium’s last closing price of $0.665 per share on Sept. 18.
Vaibhav Jain, founder of the Titan Lithium Group, said, “The Manna Lithium Project is a high-quality asset developed by a capable team, and Australia is home to some of the best lithium resources in the world and a stable and welcoming destination for foreign investment.”
Under the terms of the agreement, Titan will purchase 100% of Global Lithium shares, providing immediate cash value to shareholders while removing construction and development risks tied to the Manna Lithium Project.
Following the announcement the Global Lithium Resources share price was unchanged at $1.07.
Titan is part of the UAE-headquartered Titan Lithium group, which is currently constructing a large-scale battery-grade lithium processing facility in Abu Dhabi.
