(Reuters) -Australian lithium developer Liontown Assets mentioned on Monday its board had really helpful an improved takeover proposal from the world’s greatest lithium producer Albemarle (NYSE:) Corp valuing the corporate at A$6.6 billion ($4.26 billion).

The brand new money supply value of A$3 per share represents a premium of 14.5% to Liontown’s final closing value of A$2.62 on Sept. 1 and is 20% increased than Albemarle’s A$2.50 per share supply made in late March that the goal had rejected as too low.

Liontown mentioned its board meant to unanimously advocate shareholders vote in favour of the brand new takeover proposal, including that an impartial skilled concluded that it was in the very best pursuits of shareholders.

The corporate will allow Albemarle to conduct a restricted interval of unique due diligence in addition to to enter right into a mutually acceptable scheme implementation deed, it mentioned in assertion.

Rising Australian lithium corporations are witnessing a surge in buyouts as their decrease valuations and money wants appeal to a number of the world’s prime producers of the battery materials and different suitors who’re racing to safe provides.

Liontown controls two main lithium deposits in Western Australia, together with its flagship Kathleen Valley undertaking slated for first manufacturing in mid-2024, which is among the many world’s largest and highest-grade onerous rock lithium deposits.

Albemarle’s newest supply for Liontown was its fourth, having additionally proposed A$2.20 per share on Oct. 20 final 12 months and A$2.35 per share earlier in March earlier than its rejected A$2.50 a share supply was made public.

Liontown mentioned Greenhill (NYSE:) & Co and UBS would act as monetary advisers and Allens as its authorized adviser in relation to the revised proposal.

($1 = 1.5504 Australian {dollars})