The Vancouver-based company will acquire all of Millennial’s outstanding shares for $4.70 each—payable in Lithium Americas’ common shares plus a penny in cash—in a deal worth US$400 million. (The Logic)

Talking point: The deal would result in Millennial’s shareholders owning about 9.1 per cent of Lithium Americas based on Tuesday’s closing price. It represents a 22.1 per cent price increase over a deal from China’s Contemporary Amperex Technology, which Millennial terminated before entering the new agreement. Lithium reimbursed Millennial’s US$20-million termination fee. The deal is subject to a shareholder vote in early 2022, as well as regulatory and court approvals. This is the second time Millennial has terminated a deal. Ganfeng Lithium, headquartered in China’s Jiangxi province, was the first disappointed potential buyer, offering a roughly $353-million cash deal in mid-July.