Peak Rare Earths at 2-year high on rejecting U.S. rival offer

Peak Rare Earths

16/09/2025 03:02

Corrects second bullet to say stock logs its biggest intraday percentage gain, not drop

** Shares of Peak Rare Earths  PEK.AX rise 3.6% to A$0.435, their highest level since August 14, 2023
** The rare-earths explorer clocks biggest intraday percentage gain since September 5
** Co rejects  the conditional letter of intent from the U.S.-based alternative asset manager General Innovation Capital Partners to acquire PEK for A$240 million ($159.98 million)
**  Says board committee unanimously recommends that shareholders vote in favour of the Shenghe Scheme

** Chinese rare-earths producer Shenghe Resources 600392.SS hiked scheme consideration to A$0.443 per peak share from A$0.359 under its revised takeover offer earlier this month
       ** Stock up 313% this year, including the day's move, vs a 0.2% increase in the benchmark S&P/ASX 200 index .AXJO

($1 = 1.5002 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)

 ((Roushni.Nair@thomsonreuters.com))