Macarthur knocks back takeover offer
- Publishing Date
- 01 Aug 2011 10:12am GMT
- Author
- Mining Journal
Macarthur Coal Ltd has rejected a A$4.7 billion (US$5.3 billion) takeover offer made for the company by Peabody Energy Corp and ArcelorMittal SA.
The board of Macarthur advised its shareholders there is "no reason” to take any action in relation to the A$15.50/share bid.
Keith DeLacy, Macarthur 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 and growth potential of its unique assets”.
Peabody and ArcelorMittal indicated they intended to make a bid for Macarthur on July 14 that would see them own 60% and 40% of the company, respectively. ArcelorMittal already holds about 16% of the Australian company.
Macarthur added that it is in “continuing discussions with a number of interested parties” about possible alternative proposals that may be superior to the Peabody-ArcelorMittal bid.
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