Peabody, ArcelorMittal Get Final Regulatory Ok For Macarthur Bid
13 October 2011 - 6:53PM
Dow Jones News
Peabody Energy Corp. (BTU) and ArcelorMittal (MT) said Thursday
they have cleared the final regulatory hurdle in their A$4.8
billion (US$4.89 billion) bid for Australia's Macarthur Coal Ltd.
(MCC.AU) after receiving clearance from China's ministry of
commerce.
"This action...clears the way for us to complete this
transaction in a timely manner," said Gregory Boyce, chairman and
chief executive of Peabody, in a statement. "Our offer has been
recommended by all the participating members of the Macarthur board
and is a substantial premium of 44% to the closing price on July
11, just before our proposal was made public."
Peabody and ArcelorMittal said an institutional acceptance
facility that will be operated by UBS AG has been set up for
shareholders to accept the offer, which will allow institutional
investors to indicate their intention to accept the bid but don't
want to sell before the deal has become unconditional.
The A$16 a share offer is scheduled to close Oct. 29, unless
extended.
Macarthur's shares ended the day up 0.1% at A$15.92.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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