Atlantic Lithium (ASX:A11) entered into a binding scheme implementation deed with China-based battery manufacturing firm Zhejiang Huayou Cobalt for the acquisition of all of the issued shares in the company through a scheme of arrangement at $0.25486 apiece, according to a Thursday filing with the Australian bourse.

The all-cash scheme consideration values the company at about $210 million, the filing said.

The board unanimously recommended that shareholders vote in favor of the scheme, in the absence of a superior proposal and subject to an independent expert continuing to conclude that it is in the best interests of shareholders, per the filing.

Atlantic Lithium shares rose 11% in afternoon trade on Thursday.