American Rare Earths Ltd (AU:ARR) has released an update.
American Rare Earths Ltd has received a $400 million acquisition offer for its subsidiary, Wyoming Rare (USA) Inc, from NASDAQ-listed SPAC, Papaya Growth Opportunity Corp. The deal, which would result in Wyoming Rare being separately listed on NASDAQ, is subject to due diligence and various closing conditions. Despite recognizing potential benefits, the board has declined the proposal to focus on maximizing shareholder returns and exploring strategic alternatives, especially after reaching upcoming operational milestones.
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