Allkem Limited
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What are the Key Details of Allkem's Merger with Livent Corporation?
Allkem's Landmark Merger: A Comprehensive Analysis
Allkem Limited, a prominent player on both the ASX and TSX, has been in the spotlight due to its proposed merger with Livent Corporation, a significant transaction reshaping the industry landscape.
Court Approval: A Significant Milestone
On 20 December 2023, Allkem announced a critical development in its merger process. The Federal Court of Australia approved a scheme of arrangement, a vital step in Allkem's acquisition by Arcadium Lithium plc. This move paves the way for Arcadium Lithium to obtain full ownership of Allkem shares, a significant juncture in the transaction.
Trading Implications: An Investor's Perspective
Following the court's decision, Allkem plans to lodge the court orders with the Australian Securities and Investments Commission on 21 December 2023. This action will render the scheme legally effective. Consequently, Allkem shares will be suspended from trading on the ASX and TSX, marking a transition period for investors.
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The Emergence of Arcadium Lithium
Post-merger, Arcadium Lithium will commence trading on the ASX on a deferred settlement basis from 22 December 2023, and on a normal settlement basis from 5 January 2024. Additionally, its shares are expected to start trading on the New York Stock Exchange from 4 January 2023. These developments indicate the emergence of a new entity in the market, potentially impacting global trading dynamics.
Timeline of Events
The merger process involves several key dates, including the election date for shareholders to decide their preferred form of scheme consideration and the record date for determining entitlements to the scheme consideration. The timeline concludes with Allkem's expected delisting from the ASX and TSX on 5 January 2024.
Investor Considerations
Allkem emphasizes the responsibility of its shareholders to confirm their holdings of Arcadium Lithium CDIs before trading them. This cautionary note underlines the risks involved in trading during the transition phase.
This release, authorized by Allkem's Board of Directors, also includes crucial contact information for investor relations and media enquiries, highlighting the company's commitment to transparency and stakeholder engagement.
The merger between Allkem and Livent Corporation, culminating in Allkem's acquisition by Arcadium Lithium, marks a significant reshaping of the industry landscape. The careful orchestration of the merger process, as evidenced by the detailed timeline and legal compliance, reflects the complex dynamics of major corporate transactions in today's globalized market. Investors and market watchers alike will be closely monitoring the unfolding of this landmark transaction.
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