Today, Kidman Resources Ltd [ASX:KDR] announced it had entered a Scheme Implementation Deed (SID), proposing Wesfarmers Limited [ASX:WES] acquire 100% of Kidman’s shares at $1.90 by way of a Scheme of Arrangement.At time of writing, Kidman Resources' share price is sitting at $1.90.
Today, Wesfarmers Ltd [ASX:WES] launched a $776 million takeover bid for lithium mining company Kidman Resources Ltd [ASX:KDR].At the time of writing, Kidman Resources’ share price is trading 44.44% higher, at $1.86 apiece.
One of Australia’s most successful lithium mining companies, Galaxy Resources, has had a disappointing start to 2019 following the decline on Wednesday. The company has been in decline much of the previous year, which is closely tied to falls in the overall price of lithium.
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Galaxy Resources Ltd [ASX:GXY] was one of the best-performing stocks last year. In 2016, the lithium explorer climbed 314.8%. But 2017 has been a struggle so far. The stock has traded down 28%.
A big win for Kidman, reflected by their 17.74% rise in this morning’s trade. Meanwhile Marindi has fallen 12.5% in the same period.