CA - Alpha Lithium says takeover offer not in best interest of shareholders

2023-05-23 07:57:50 ET

Alpha Lithium ( OTCPK:APHLF ) said Tuesday the C$1.24/share takeover offer from Tecpetrol Investments is "opportunistic" and not in the best interests of its shareholders.

Alpha ( OTCPK:APHLF ) criticized the offer , which was non-binding and subject to due diligence, in part over a request to enter into a binding 30-day exclusivity agreement with Tecpetrol, which would preclude the company from engaging with interested third parties.

Tecpetrol said it would be prepared to improve its offer based on due diligence.

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