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.