Macarthur 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.
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.
Written by: admin Other posts from: admin
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