The Pilbara Minerals Ltd (ASX: PLS) share price is soaring above the S&P/ASX 200 Index (ASX: XJO) on Tuesday. Its gains come amid news one of the lithium favourite's peers has rebuffed multiple takeover bids from industry monolith Albemarle Corporation (NYSE: ALB).
Right now, the Pilbara Minerals share price is $3.93. That's 14.24% higher than its previous close.
For comparison, the ASX 200 is gaining 1.21% at the time of writing.
Let's take a closer look at what might be going right for the ASX 200 lithium icon's shares today.
Image source: Getty Images
Is this driving the Pilbara Minerals share price today?
ASX 200 lithium shares, including Pilbara Minerals, are roaring out of the gates today amid news a company housed in the space has batted a takeover offer away.
Liontown Resources Ltd (ASX: LTR) has rejected a $2.50 per share takeover bid posted by Albemarle.
It was just the latest bid the US$26 billion company posted for its ASX 200 counterpart. It also faced rejection on a $2.20 bid in October and a $2.35 bid earlier this month.
The most recent offer represented a premium of 64% on the Liontown share price's previous close – $1.52. However, the company said the bid is opportunistic, substantially undervalues it, and isn't in shareholders' best interests.
Not to mention, the company has uncovered some potential sleuth buying by Albemarle subsidiary RT Lithium, which now holds around 2.2% of its outstanding shares.
Right now, the Liontown share price is roaring 50% to trade at $2.29.
And plenty of Pilbara Minerals' other peers are also watching their share price rocket, seemingly on the back of soaring investor sentiment:
- The Core Lithium Ltd (ASX: CXO) share price is leaping 18.6%
- That of Sayona Mining Ltd (ASX: SYA) is up 13.5%
- Allkem Ltd (ASX: AKE) stock is up 12.1%
- Shares in Lake Resources NL (ASX: LKE) are jumping 12%
Today's gain included, the Pilbara Minerals share price has risen 9% year to date. It's also 23% higher than it was this time last year.
Comparatively, the ASX 200 has gained 1% so far this year and has fallen 5% over the last 12 months.
