Reuters reported that Talison Lithium Ltd (TSX:TLH) is calling off its buyout agreement with Rockwood Holdings Inc (NYSE:ROC) because of a takeover bid from Chengdu Tianqi Industry Group Co. The Rockwood offer was C$724 million, while Tianqi valued Talison at C$847 million.

As quoted in the market news:

“Rockwood had offered to buy 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.”
Click here to read the full Reuters report.