Share Tips Macarthur Coal (MCC)
7th Apr 2010Macarthur Coal (MCC) is the world’s largest producer of low volatile pulverized injection coal used for steel making and is a supplier to steel producers.
MCC has been a hot stock in Australian news after it received a revised takeover offer from Peabody Energy, which values Macarthur Coal at $3.56 billion, or $14 per share.
The original offer of $13 per share was rejected by MCC in favour of its planned takeover of Gloucester Coal (GCL).
MCC had scheduled a shareholder vote on the GCL deal for April 12, however Peabody requested a delay in order for Macarthur Coal shareholders to consider their own offer.
The market had hoped Peabody would come back with a higher bid than $14 per share, so it is likely that MCC will reject the revised offer.
MCC Australian share price jumped 1.6% after coming out a trading halt yesterday. It has traded with more momentum since the beginning of February 2010.
No related posts.
Posted in ASX Top 200 XJO, ASX Top 500 All Ordinaries, Financial News, General, Market Sectors News, Materials Stocks, Mining Shares Australia, S&P ASX News, Stocks Investing Advice






