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Peak Rare Earths Limited ( (AU:PEK) ) has shared an announcement.
Peak Rare Earths Limited has entered into a binding agreement with Ganzhou Chenguang Rare Earths New Material Co., Ltd., a subsidiary of Shenghe Resources, for the acquisition of 100% of Peak. The acquisition, valued at approximately A$150.5 million plus additional funds from an entitlement offer, offers a significant premium to Peak’s recent share prices and is contingent upon several approvals. The deal aims to ensure sufficient funding for Peak’s ongoing operations and projects, including the Ngualla Project, and is recommended by Peak’s independent board in the absence of a superior proposal.
The most recent analyst rating on (AU:PEK) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Peak Rare Earths Limited stock, see the AU:PEK Stock Forecast page.
More about Peak Rare Earths Limited
Peak Rare Earths Limited is a company operating in the rare earths industry, focusing on the production and development of rare earth materials. The company is primarily involved in the Ngualla Rare Earth Project, holding an 84% interest, and has a significant market focus on rare earth elements essential for various high-tech applications.
Average Trading Volume: 392,577
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$42.25M
For an in-depth examination of PEK stock, go to TipRanks’ Stock Analysis page.