Aussie Shares – Macarthur Coal (MCC) 18 May 2010
Aussie stock Macarthur Coal Limited (MCC) is the largest low volatile pulverized coal producer in the Aussie Market which exports its products to leading steel producers.
MCC has rejected Peabody’s revised offer of $15 cash per MCC share.
MCC’s largest shareholder, CITIC, argued that Peabody’s offer was not reflective of the coal miner’s long-term strategic value.
MCC advised that it will not enter into further discussions with Peabody based on the current proposal.
After months of takeover posturing, it appears that MCC is set to continue in its current form; unless Peabody revises its offer or a third party decides to throw its hat in the ring.
MCC Aussie share price plunged approximately 14.5%, settling at $11.25 a share.