Liontown Resources (ASX:LTR) rejects takeover offer from Albemarle

Liontown Resources (ASX:LTR) has rejected an unsolicited proposal from Albemarle Corporation to acquire all shares in Liontown at $2.50 per share via a scheme of arrangement.

Liontown Resources' board has determined that the proposal substantially undervalues the company and is not in the best interests of shareholders.

Prior proposals were received at $2.35 and $2.20 per share, which were also rejected.

Liontown notes the significant de-risking that has occurred at the Kathleen Valley Lithium Project and the positive outlook for existing or new lithium producers.

The company's share price is up 50% at 11:21am EAST.