Lynas say they will not engage with Wesfarmers offer

Company News

by Rachael Jones

Rare earths company Lynas Corporation (ASX:LYC) say they will not engage with Wesfarmers (ASX:WES) on the terms outlined yesterday in their takeover proposal.

Lynas received an unsolicited indicative non-binding conditional proposal from Wesfarmers (ASX:WES) earlier this week for 100 per cent of the ordinary shares at $2.25 cash per share.

The company came to this conclusion after consulting with advisers on the terms of the proposal.

Shares in Lynas Corporation (ASX:LYC) are trading 0.95 per cent lower at $2.08.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.