04:08 AM EDT, 10/09/2024 (MT Newswires) -- Arcadium Lithium ( ARLTF ) has agreed to be acquired by Rio Tinto (RIO) for $5.85 per share in cash, the companies said Wednesday.

The consideration represents a 90% premium to Arcadium's closing stock price on Oct. 4, the companies said.

Rio Tinto's capabilities are expected to "unlock full potential" of Arcadium Lithium's ( ARLTF ) resource base, they said.

The deal is expected to close in mid-2025, subject to regulatory approvals and other closing conditions.

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