Proposal to acquire Lynas Corporation
On March 26, 2019, Wesfarmers announced that it had made a conditional, non-binding indicative proposal to the board of directors of Lynas Corporation (ASX: LYC) to acquire Lynas for $ 2,25 per share, payable in cash, under a mutual understanding plan.
The proposal was the subject of a number of issues, including:
- Completion of due diligence investigations by Wesfarmers;
- Negotiation and implementation of an implementation agreement for approval by both bodies;
- Ensuring that the relevant operating licenses are in force in Malaysia and remain in force for a satisfactory period of time after completion of the transaction;
- Ensure approvals from regulators and Lynas shareholders and other common conditions.
Wesfarmers takes note of Lynas' August 16 announcement confirming the terms of the license renewal for the company's LAMP facility in Malaysia. Wesfarmers Managing Director Rob Scott said, “Wesfarmers continues to focus on creating value for its shareholders through disciplined capital allocation within our divisions and in reviewing new investments.
For more information:
Media
Cathy Bolt
Media and External Affairs Manager
+ 61 8 9327 4423 or + 61 417 813 804
[email protected]
Investors
Erik du Plessis
Manager, Investor Relations
+ 61 8 9327 4603 or + 61 439211630
[email protected]
Translated and edited by: Institute of rare earth metals
