Talison Lithium (TLTHF.PK) calls off buyout talks with Rockwood Holdings (ROC +1.8%) after backing a sweetened takeover bid from Chengdu Tianqi. ROC had offered to buy Talison for C$6.50/share, below Tianqi's revised C$7.50 offer; the ROC offer valued Talison at C$724M, while Tianqi's offer values the miner at C$847M.
Talison Lithium (TLTHF.PK) says it will begin talks with Chengdu Tianqi to determine if the Chinese company’s C$806M takeover bid is superior to Rockwood Holdings' (ROC +1.5%) competing offer. Talison will consider factors including the funding of Chengdu Tianqi’s C$7.15/share bid and its timing. ROC says its August bid of $6.50/share is its best and final offer.