The Pilbara Minerals Ltd (ASX: PLS) share price is soaring above the S&P/ASX 200 Index (ASX: XJO) on Tuesday. Its gains come amid news one of the lithium favouriteâs peers has rebuffed multiple takeover bids from industry monolith Albemarle Corporation (NYSE: ALB).
Right now, the Pilbara Minerals share price is $3.93. Thatâs 14.24% higher than its previous close.
For comparison, the ASX 200 is gaining 1.21% at the time of writing.
Letâs take a closer look at what might be going right for the ASX 200 lithium iconâs shares today.
Is this driving the Pilbara Minerals share price today?
ASX 200 lithium shares, including Pilbara Minerals, are roaring out of the gates today amid news a company housed in the space has batted a takeover offer away.
Liontown Resources Ltd (ASX: LTR) has rejected a $2.50 per share takeover bid posted by Albemarle.
It was just the latest bid the US$26 billion company posted for its ASX 200 counterpart. It also faced rejection on a $2.20 bid in October and a $2.35 bid earlier this month.
The most recent offer represented a premium of 64% on the Liontown share priceâs previous close â $1.52. However, the company said the bid is opportunistic, substantially undervalues it, and isnât in shareholdersâ best interests.
Not to mention, the company has uncovered some potential sleuth buying by Albemarle subsidiary RT Lithium, which now holds around 2.2% of its outstanding shares.
Right now, the Liontown share price is roaring 50% to trade at $2.29.
And plenty of Pilbara Mineralsâ other peers are also watching their share price rocket, seemingly on the back of soaring investor sentiment:
- The Core Lithium Ltd (ASX: CXO) share price is leaping 18.6%
- That of Sayona Mining Ltd (ASX: SYA) is up 13.5%
- Allkem Ltd (ASX: AKE) stock is up 12.1%
- Shares in Lake Resources NL (ASX: LKE) are jumping 12%
Todayâs gain included, the Pilbara Minerals share price has risen 9% year to date. Itâs also 23% higher than it was this time last year.
Comparatively, the ASX 200 has gained 1% so far this year and has fallen 5% over the last 12 months.
The post Why is the Pilbara Minerals share price rebounding 14% today? appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now…
See The 5 Stocks
*Returns as of March 1 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Liontown share price explodes 59% on new Albemarle takeover approach
- Here are the 3 most heavily traded ASX 200 shares on Monday
- This ASX 200 lithium stock could be THE ONE to buy right now
- Here are the 10 most shorted ASX shares this week
- Could buying Pilbara Minerals shares under $4 make me rich?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/L6Jyo1a
Leave a Reply