Australia's Essential Metals tumbles as party withdraws off-take takeover proposal

Essential Metals

26/04/2022 02:34

** Shares of the Australian lithium and gold explorer
 ESS.AX  drop as much as 15.3% to A$0.580, their biggest
intraday pct loss since Feb 24 
    ** Essential Metals receives unsolicited, confidential,
non-binding indicative takeover proposal from a credible lithium
industry participant to acquire it by way of an off-market
takeover  urn:newsml:reuters.com:*:nASX4KW9hZ
    ** Says interested party later withdrew the indicative
proposal in view of the recent upward trajectory in the trading
price of co's shares
    ** Shares hit their lowest levels since April 19
    ** More than 6.4 mln shares change hands as compared with
the 30-day average volume of ~4.7 mln shares  
    ** Stock up 251.3% this year, as of last close, vs a 1.5%
decrease in the S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))