Deals
EV Metal Demand Is Driving Bidding War for a Junior Canadian Lithium Miner
- Millennial’s board says offer is superior to CATL proposal
- Canadian miner draws its third takeover offer in three months
Photographer: Carla Gottgens/Bloomberg
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A bidding war for Millennial Lithium Corp. is picking up after Lithium Americas Corp. offered to buy its Canadian counterpart for about $400 million during the frenzy for a metal that’s crucial to powering electric vehicles.
Millennial shareholders are being offered C$4.70 a share payable in Lithium Americas stock and C$0.001 cash, according to a statement Monday by the Vancouver-based acquirer. The proposal comes a month after the world’s largest battery maker, China’s Contemporary Amperex Technology Co Ltd., agreed to buy Millennial for C$3.85 a share in a deal valued at C$377 million.