Peabody Energy had submitted a revised proposal to acquire a controlling stake in Macarthur Coal. As per Peabody’s revised non-binding proposal, Macarthur shareholders would receive a cash price of AUD14 per share.
Last month, Peabody had made a $3bn offer for Macarthur on condition that the Australian miner not proceed with its proposed $765m takeover of Gloucester Coal, a company controlled by the Hong Kong-based Noble Group.
Peabody believes that there is a strong strategic rationale for a combination of Macarthur’s operating assets and project pipeline with its growing Australian platform of metallurgical and thermal coal production.
The Macarthur board will meet very soon to consider the merits of Peabody’s Revised Indicative Proposal. Shareholders are advised to take no action in relation to the Revised Indicative Proposal or any documentation received from Peabody until they receive the directors’ formal recommendation, Macarthur said.
Peabody Energy had 9 billion tonnes of proven and probable coal reserves as of 31 December 2009.
