The Millennial bidding war is over! Lithium Americas, a company owned by Gan Feng, beat Ningde Times with 400 million US dollars.

On November 17th, Lithium Americas and Millennial Lithium announced that they had reached a final arrangement agreement, (LAC Arrangement Agreement). Under the agreement, Lithium Americas agreed to acquire all outstanding shares of Millennial at a price of C $4.70 per share, which will be paid through Lithium Americas's common shares and C $0.001 per share in cash for a total price of approximately $400m. Based on Lithium Americas's closing price on Nov. 16, Millennial shareholders will own about 9.1% of Lithium Americas.

Millennial said on September 28th that Ningde Times had agreed to buy Millennial for C $3.85 a share. However, Lithium Americas's offer per share is about 22.1% higher than in the Ningde era. Millennial has previously said that if Ningde era wants to compete with Lithium Americas, it can revise the offer before November 16.

Before signing the LAC agreement, Millennial terminated the agreement it signed with Ningde Times on September 28th. Under the LAC arrangement agreement, Lithium Americas also reimbursed Millennial for the fee of $20 million required to terminate the agreement. Due to the need for the necessary regulatory approvals, the deal is expected to be completed in January 2022.

Farhad Abasov, President and CEO of Millennial, said: "Millennial's board and management believe that the LAC agreement will bring greater value to Millennial shareholders. The deal highlights the value of the company's Pastos Grandes project and the efforts of the Millennial team over the past four years. With its rich technical expertise and flexible finance, Lithium Americas can reduce the development risk of the Pastos Grandes project and bring more benefits to Millennial shareholders. "

Related reading: the American lithium industry "holds" the lithium mine to return! The dispute over the acquisition of trillions of "King of Ning" by Hu Millennium Lithium Industry has come to an end.