Peabody cuts Macarthur bid to $15 per share
Macarthur Coal Limited (MCC) announced that Peabody Energy Corporation has lowered its takeover bid for the Australian coal miner from $16 per share to $15 per share. The updated proposal follows an announcement by Peabody last week that it was continuing to work through the impact of the Australian Government’s recently released Henry Tax Review.
The US suitor also advised last week of a number of matters where it would like further information or clarification after the company completed its review of the due diligence materials provided by Macarthur.
Macarthur said today that under Peabody’s Further Proposal, Peabody continues to be willing to provide any or all of Macarthur’s three major shareholders (CITIC, ArcelorMittal and POSCO) the opportunity to retain their economic interest in Macarthur should they choose to do so.
The proposal remains subject to execution of a scheme implementation agreement, a unanimous recommendation of the Macarthur board and the requisite approval of Macarthur shareholders in general meeting.
Macarthur advised shareholders to not take any action in relation to the latest proposal until they receive the directors’ formal recommendation.
At the close of trade Friday, Macarthur shares were trading at $13.69.
Leave a Reply