Wesfarmers' $776m Kidman bid to go to vote

Kidman Resources shareholders will vote on Wesfarmers' $776 million takeover offer in August after the lithium miner entered into a scheme implementation deed with the WA-based conglomerate.

The companies say Wesfarmers has completed its due diligence and that Kidman's directors and its major shareholders all support the cash offer of $1.90 per share, which represents a 47.3 per cent premium to the price prior to the proposal's announcement.

"We are extremely proud of the hard work and achievements of all our staff and the significant progress we have made to date in developing the Mt Holland Lithium Project," Kidman chief executive Martin Donohue said.


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