Monday, 01 Aug 2011 |By APP
AAP reported that Macarthur Coal has told shareholders to take no action after Peabody Energy and ArcelorMittal confirmed a AUD 15.50 per share takeover offer.
Mr Keith DeLacy chairman said “The offer appears to be an opportunistic attempt to acquire Macarthur at a time of global economic volatility and regulatory uncertainty in Australia and fails to reflect Macarthur's industry leading position.”
Macarthur said “hile there can be no assurance that a superior proposal will emerge, Macarthur's directors consider it is clearly in shareholder's interests to do all that they can to facilitate this.”
Macarthur said it had told Peabody and ArcelorMittal that it would recommend a AUD 16 per share offer, based on certain conditions. Those would include a price increase to AUD 18 per share if the companies gained 90% of Macarthur and the payment of a special dividend of up to 98 cents per share.
The offer was made after the completion of due diligence. The two parties could not agree on conditions for AUD16 a share bid, with Macarthur accusing the suitors of imposing unreasonable restrictions. They included no talk limitations restricting Macarthur's ability to talk to third parties that might offer a superior proposal to Peabody and ArcelorMittal's.
AAP reported that Macarthur Coal has told shareholders to take no action after Peabody Energy and ArcelorMittal confirmed a AUD 15.50 per share takeover offer.
Mr Keith DeLacy chairman said “The offer appears to be an opportunistic attempt to acquire Macarthur at a time of global economic volatility and regulatory uncertainty in Australia and fails to reflect Macarthur's industry leading position.”
Macarthur said “hile there can be no assurance that a superior proposal will emerge, Macarthur's directors consider it is clearly in shareholder's interests to do all that they can to facilitate this.”
Macarthur said it had told Peabody and ArcelorMittal that it would recommend a AUD 16 per share offer, based on certain conditions. Those would include a price increase to AUD 18 per share if the companies gained 90% of Macarthur and the payment of a special dividend of up to 98 cents per share.
The offer was made after the completion of due diligence. The two parties could not agree on conditions for AUD16 a share bid, with Macarthur accusing the suitors of imposing unreasonable restrictions. They included no talk limitations restricting Macarthur's ability to talk to third parties that might offer a superior proposal to Peabody and ArcelorMittal's.
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