InsideArbitrage Potential Deal Alert: Rio Tinto in Talks to Buy Lithium Miner Arcadium (ALTM)

POTENTIAL DEAL DETAILS

Reuters reported that Rio Tinto (RIO) has been holding talks to buy lithium miner Arcadium (ALTM). Talks have been ongoing and continued in London this week during the LME Week conference, and an offer is expected to come in the near future.

Philadelphia-based Arcadium could be valued between $4 billion to $6 billion or higher. It was not immediately clear if a transaction would primarily include cash, stock, or a mixture of both. Arcadium has selected two investment banks to handle its negotiations with Rio.

Arcadium Lithium plc Investor Relations

Rio Tinto Group Investor Relations

Update(s):

October 5, 2024: Blackwattle Investment Partners, a shareholder of Arcadium Lithium (ALTM) has written to the board of the U.S. miner urging it not to accept a low takeover offer from Rio Tinto (RIO). A potential acquisition of Arcadium would be highly opportunistic and “require a significant premium to realize fair valuation for the business,” Tim Riordan and Michael Teran, portfolio managers at Blackwattle, wrote in a letter.

October 7, 2024: Rio Tinto (RIO) confirmed that it has made an approach to Arcadium Lithium (ALTM) regarding a potential acquisition of Arcadium Lithium by Rio Tinto. The approach is non-binding and there is no certainty that any transaction will be agreed to or will proceed.

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