PERTH (miningweekly.com) - Gina Rinehart’s Hancock Prospecting has acquired a further 50.7-million shares in ASX-listed Liontown Resources, taking its shareholding in the takeover target to 14.67%.
The shares were acquired on market at a price of between A$2.95 and A$3 a share.
The continued share acquisition brings Hancock closer to the 15% shareholding threshold that would allow the company to block a takeover offer from critical minerals major Albemarle.
Albemarle is in the midst of a due diligence on Liontown after announcing a A$6.6-billion bid for Liontown, tentatively offering A$3 a share for the ordinary outstanding shares in the company.