Allkem Ltd (ASX: AKE) shares are pushing higher again on Wednesday morning.
At the time of writing, the lithium miner's shares are up slightly to $10.60.
This means that its shares are now up 16% since this time last week.
However, this strong run will be forced to come to an end on Friday. That's because shareholders have just approved the company's merger with Livent Corp (NYSE: LTHM).
This approval means that before the market open on Friday, Allkem shares will be suspended from the Australian share market and replaced with the CHESS Depositary Interests (CDIs) of the merged entity.
This will see Arcadium Lithium plc CDIs (ASX: LTM) land on the ASX boards during Friday's session.
Allkem shares higher on shareholder vote
While not all shareholders were pleased with the terms of the merger with Livent Corp, that couldn't stop the deal from being approved at yesterday's scheme meeting.
According to the release, 89.27% of the total number of votes cast by Allkem shareholders were in favour of the scheme.
Commenting on the merger, Allken's managing director and CEO, Martin Perez de Solay, said:
Arcadium Lithium will have the scale and expertise to meet the rapidly growing demand for lithium chemical products and the product flexibility required by customers while remaining committed to the delivery and execution of a significant growth pipeline.
Allkem's Chairman, Peter Coleman, adds:
The combination of Allkem and Livent is expected to create a highly complementary and vertically integrated business model to enhance operational flexibility and reliability, which is expected to result greater value capture across the lithium value chain.
What's next?
Livent shareholders also approved the merger yesterday, which means that Allkem will now apply to the Federal Court of Australia for approval of the scheme at a hearing today.
If all goes to plan, a copy of the court orders will be lodged with ASIC tomorrow and the scheme will become effective. Allkem shares will then be suspended from trade at the close of play on Thursday, with Arcadium Lithium shares commencing trade on Friday.
