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IN BRIEF: Bacanora Lithium and Ganfeng get PUSU deadline extension

Thu, 03rd Jun 2021 20:36

Bacanora Lithium PLC - developer of Sonora lithium project in Mexico - 'Put up or shut up' deadline for takeover by Ganfeng International Trading (Shanghai) Ltd gets extension to July 1, from June 3 deadline previously. Notes that Ganfeng has scheduled meeting of shareholders for June 28 to seek approval to proceed with possible offer. "If the resolution is passed, the making of the possible offer will remain subject to the pre-conditions referred to above, including but not limited to the satisfaction of the outbound direct investment pre-condition, which is still expected to take a period of several months," Bacanora says.

Bacanora in May reveled it was talks to be taken over by Ganfeng in possible cash offer of 67.5 pence for every Bacanora share Ganfeng does not own, valuing company at GBP223.3 million.

Current stock price: 56.5 pence, down 2.4% on Thursday

Year-to-date change: down 12%

By Lucy Heming;Â lucyheming@alliancenews.com

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IN BRIEF: Bacanora Lithium and Ganfeng get PUSU deadline extension

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