Macarthur Coal Confirms Recommendation Of Offer In Target Statement
05 September 2011 - 11:39AM
Dow Jones News
Shareholders in Macarthur Coal Ltd. (MCC.AU) should back a joint
offer for the company from Peabody Energy Corp. (BTU) and
ArcelorMittal (MT) valuing the miner at A$4.83 billion, the miner
said Monday.
Macarthur, which last week recommended a sweetened offer from
the partners, said in a target's statement that the deal
represented the best offer on the table for shareholders.
The company had held discussions with other potential bidders,
but "no superior proposal (has) been received" said Macarthur
Chairman Keith de Lacy.
Peabody and Arcelor, respectively the world's largest listed
pure-play coal miner and the world's biggest steelmaker, raised
their takeover offer to A$16.00 per share from A$15.50/share
previously in a bid to secure the backing of the Macarthur board
and fend off other potential suitors that have been studying the
miner's books.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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