Friday, 29 Jul 2011
Xstrata Coal has made an all cash proposal to acquire 100% of First Coal Corporation shares, options and warrants for CAD 1.75 per share. The offer values First Coal, a privately owned Canadian company, at approximately CAD 147 million (USD 153 million).
First Coal’s Board has unanimously recommended that its shareholders support the transaction, following receipt by the Board of a fairness opinion from its financial advisor. Many of First Coal's largest shareholders have entered into lock-up agreements with Xstrata Coal which represent more than 50% of First Coal's common shares.
The proposed purchase of First Coal provides Xstrata Coal with access to coking coal exploration leases in British Columbia, Canada.
The acquisition is to be completed by concurrent statutory plan of arrangement and takeover bid, and is subject to customary conditions including the arrangement being approved by at least two-thirds of the votes cast at a First Coal shareholders meeting to be held on August 2nd 2011.
Xstrata Coal has made an all cash proposal to acquire 100% of First Coal Corporation shares, options and warrants for CAD 1.75 per share. The offer values First Coal, a privately owned Canadian company, at approximately CAD 147 million (USD 153 million).
First Coal’s Board has unanimously recommended that its shareholders support the transaction, following receipt by the Board of a fairness opinion from its financial advisor. Many of First Coal's largest shareholders have entered into lock-up agreements with Xstrata Coal which represent more than 50% of First Coal's common shares.
The proposed purchase of First Coal provides Xstrata Coal with access to coking coal exploration leases in British Columbia, Canada.
The acquisition is to be completed by concurrent statutory plan of arrangement and takeover bid, and is subject to customary conditions including the arrangement being approved by at least two-thirds of the votes cast at a First Coal shareholders meeting to be held on August 2nd 2011.
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