(Bloomberg) -- Contemporary Amperex Technology Co Ltd. has agreed to acquire Millennial Lithium Corp. in an all-stock cash deal valued at around C$377 million ($297 million) as the the world’s largest maker of electric-vehicle batteries continues to pursue a strong supply of a key battery-making mineral.

Ningde, Fujian-based CATL will pay C$3.85 per common share of Millennial, payable in cash, according to a statement Tuesday. That represents a premium of about 29% over Millennial’s 20-day average closing price in Vancouver trading, according to the statement. 

Bloomberg originally reported that CATL was the mysterious bidder for Vancouver-based Millennial, trumping a C$353 million offer by Ganfeng Lithium Co. made in July. Last week, Bloomberg reported that Ganfeng was unlikely to match a competing offer for Millennial Lithium, according to people familiar with the matter.

Millennial said in the statement it terminated the arrangement agreement with Ganfeng prior to the agreement with CATL.

Millennial’s board of directors has approved the CATL takeover, and the board recommends shareholders vote in favor of the deal, according to the statement.

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