04:57 AM EDT, 10/09/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Arcadium Lithium's ( ARLTF ) shares were up more than 31% premarket Wednesday after the company said it agreed to an acquisition deal by Rio Tinto (RIO) for $5.85 per share in cash.

The deal represents a 90% premium to Arcadium's closing stock price on Oct. 4.

According to a joint statement early Wednesday, Rio Tinto's capabilities are expected to "unlock" the full potential of Arcadium Lithium's ( ARLTF ) resource base.

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

Price: 5.57, Change: +1.33, Percent Change: +31.37