Shares of the lithium producer Arcadium Lithium plc (ALTM) surged by more than 30% in pre-market trading on Wednesday. This follows the announcement of its acquisition by mining giant Rio Tinto, in an all-cash deal valued at $6.7 billion, or $5.85 per share.
This transaction offers a 90% premium over Arcadium's closing price of $3.08 per share on October 4, 2024.
The acquisition is anticipated to be finalized by mid-2025.
On Tuesday, Arcadium Lithium's stock closed at $4.24, marking a 1.68% increase. Over the past year, the stock has traded within a range of $2.19 to $7.88.
