Shareholders to greenlight $3.70 offer for Azure Minerals

Company News

by Glenn Dyer

Shareholders in Azure Minerals (ASX:AZS), excluding SQM of Chile and Hancock Prospecting of Perth, will vote to approve the $3.70 per share offer from the duo.

With lithium company stocks in a deep depression, the offer price is likely more than double the current control level.

SQM launched the bid in October at around $3.50 per share, later raised to $3.70 after Hancock's involvement and support from other entities.

Now, Azure shareholders will vote on the offer in early April, with an alternative off-market takeover option set at $3.65 per share.

Independent expert Deloitte Corporate Finance deems the offer to be in the best interests of Azure shareholders, particularly given the current market conditions.

Azure's appeal lies in its ownership of 60% of the promising Andover lithium prospect in the Pilbara, along with a substantial 240 million tonne resource.

Billionaire prospector Mark Creasy, who owns 40% of Andover and around 12.8% of Azure, has committed to selling into the bid, ensuring its success. Additionally, Delphi Group, a German investment group with a 10% stake in Azure, will support the offer.

Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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