On the 28th April, European Lithium (EUR AU)‘s ~34.4% held Critical Metals (CRML US) announced a non-binding reverse takeover via a scrip deal. A Scheme has now been entered into.
CRML intends to issue 0.035 new CRML shares for each EUR share - same as the NBIO. The implied value per CRML scrip is A$0.58/share.
A successful merger sees 100% of the Tanbreez Rare Earth project under one roof. The Scheme Meeting is expected to be held in 3Q26, as is implementation.
The Trade:
Clean deal.
CRML borrow looks difficult to source.
You could simply go outright long in EUR, to capture the holding company discount into CRML.