Thursday, August 4, 2011
Macarthur Coal asks shareholders take no action on Peabody, Arcelor Mittal bid
Thu Aug 4, 2011
SYDNEY Aug 4 (Reuters) - The board of Australian miner Macarthur Coal has not decided on a A$4.7 billion ($5,01 billion) takeover offer received from Peabody Energy and ArcelorMittal and continued to ask shareholders to take no action on the bid.
Macarthur said in a statement on Thursday that it was still in talks with other parties to elicit a rival bid.
Peabody, the largest U.S. coal company, and ArcelorMittal, the world's top steel-maker, have failed to seal an agreed takeover with Macarthur, which is coveted for its supply of pulverized coal, a key steel-making ingredient.
Instead, the pair of bidders has gone direct to Macarthur shareholders with an offer of A$15.50 a share in cash, plus a 16 cent dividend. Macarthur shares last traded at A$15.78. ($1 = 0.935 Australian Dollars)