Peak Rare Earths at 2-year high on rejecting US rival offer

** Shares of Peak Rare Earths PEK rise 3.6% to A$0.435, their highest level since August 14, 2023

** The rare-earths explorer clocks biggest intraday percentage gain since September 5

** Co rejects the conditional letter of intent from the U.S.-based alternative asset manager General Innovation Capital Partners to acquire PEK for A$240 million ($159.98 million)

** Says board committee unanimously recommends that shareholders vote in favour of the Shenghe Scheme

** Chinese rare-earths producer Shenghe Resources 600392 hiked scheme consideration to A$0.443 per peak share from A$0.359 under its revised takeover offer earlier this month

** Stock up 313% this year, including the day's move, vs a 0.2% increase in the benchmark S&P/ASX 200 index XJO

($1 = 1.5002 Australian dollars)