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Lithium Australia declares Lepidico takeover bid unconditional

Lithium Australia NL on March 29 declared that its off-market, all-scrip bid worth A$23.8 million for fellow ASX-listed lithium player Lepidico Ltd. became free from defeating conditions.

This comes a day after Lepidico's board unanimously recommended that shareholders reject Lithium Australia's "highly opportunistic" takeover offer of 1 Lithium Australia share for every 13.25 shares in Lepidico.

Lithium Australia was looking to end a battle between the two companies in the Western Australian Supreme Court over the rights relating to the L-Max lithium processing technology.

Lithium Australia now holds a 17.86% stake in Lepidico.

The offer is scheduled to close April 18.