Talison Lithium Ltd said it will terminate takeover talks with U.S.-based chemical producer Rockwood Holdings Inc, a week after the lithium producer backed a sweetened takeover bid from China's Chengdu Tianqi Industry Group Co. Rockwood had offered to purchase Talison for C$6.50 per share, below Tianqi's revised offer of C$7.50 each. The Rockwood offer valued Talison at C$724 million, while Tianqi's offer values the miner at C$847 million.Talison's board last week recommended that shareholders accept the Tianqi offer in the absence of a new bid from Rockwood.Rockwood said in November that it was not interested in a bidding war.Talison said on Wednesday it will pay Rockwood a C$7 million break fee.
Rockwood Holdings, Inc. (Rockwood) is a developer, manufacturer and marketer of specialty chemicals and advanced materials used for industrial and commercial purposes. Shares of ROC remained unchanged at $46.96. In the past year, the shares have traded as low as $36.57 and as high as $57.00. On average, 989226 shares of ROC exchange hands on a given day and today's volume is recorded at 0.
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