Australia's Latin Resources soars on premium takeover offer from Pilbara Minerals

Latin Resources

15/08/2024 02:18

** Shares of mineral explorer Latin Resources  LRS.AX  climb
as much as 56.3% to A$0.188, their highest since early July
    ** Shares post their biggest intraday pct gain since April
2022
    ** Lithium miner Pilbara Minerals  PLS.AX  to acquire co for
an implied value of A$559.9 mln ($369.14 mln)
    ** Deal implies a value of A$0.20 per Latin share, a 66.7%
premium to its last closing price
    ** LRS board unanimously recommends deal
    ** Pilbara shares fall as much as 5.6%  
    ** As of last close, LRS down 57.9% this year

($1 = 1.5168 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))