Rio Tinto/Arcadium: Trading Wide Ahead Of 23rd Dec Vote

• Back on the 9th October, Rio Tinto Ltd (RIO AU) reached an agreement to buy Arcadium Lithium (LTM AU/ALTM US) for US$5.85/share (~A$8.70/share), a ~90% premium to undisturbed.

• The proxy statement is now out, with a Scheme Meeting scheduled for 23 December. The transaction is expected to close in mid-2025. The long stop is the 9th October 2025.

• Trading wide-ish at a gross spread of 11.9%, reflecting the timing to secure regulatory approvals - notably from China - as opposed the Offer Price being viewed as opportunistic.