Lynas rebuffs Wesfarmers' $1.5bn offer

Rare earths miner Lynas Corp says it won't engage with Wesfarmers' $1.5 billion offer after a takeover bid announced on Tuesday.

Rare earths miner Lynas Corp says it won't engage with Wesfarmers' $1.5 billion offer after the Bunnings owner announced a takeover bid on Tuesday.

The Lynas board told the ASX on Wednesday morning it had evaluated the offer and "concluded that it will not engage with Wesfarmers on the terms outlined in the indicative and highly conditional proposal".

Wesfarmers planned to use cash from its spin-off of Coles for the $2.25-per-share all-cash offer.