Macarthur Coal Rejects A$3.8 Billion Peabody Takeover Bid
18 Mai 2010 - 3:51AM
Dow Jones News
Macarthur Coal Ltd. (MCC.AU) on Tuesday rejected a A$3.8 billion
takeover offer from Peabody Energy Corp. (BTU), which it said was
opposed by its biggest shareholder and was unlikely to succeed.
Peabody last week lowered its initial offer pitched at A$16 per
Macarthur share to A$15 a share after carrying out due diligence
and factoring in the potential impact of the Australian
government's proposed 40% Resource Super Profits Tax.
"The Macarthur board has met today and considered Peabody's
further proposal and formed the view that based on the price and
the conditions of the proposal, that it cannot reasonably be
recommended to shareholders," Macarthur said.
The Brisbane-based miner said the takeover by scheme of
arrangement was unlikely to be approved by shareholders, with
Macarthur's largest shareholder, Citic, advising that the terms of
the offer weren't acceptable.
-By Alex Wilson, Dow Jones Newswires: 613-9292-2094;
alex.wilson@dowjones.com
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