Macarthur Coal (ASX:MCC) is a coal miner, supplying low volatile pulverized coal injection coal (PCI coal) to the steel mills of Asia, Europe and Brazil as well as some thermal and coking coal.

Its primary focus is production at the Coppabella and Moorvale coal mines located near Moranbah in Queensland’s Bowen Basin, which together provide approximately 47% of the PCI coal exported from Australia.

Today, MCC rejected a revised $16.00 a share offer from Peabody Energy and Arcelor Mittal.

The new bid, which values MCC at $4.84 billion, trumps the previous offer of $4.73 billion.

However, MCC knocked back the bid, saying instead it was prepared to accept an offer of $5.68 billion ($18 a share) once the two suitors acquired over 90% of the company.

MCC was one of the hot stocks when news of the initial takeover broke on 11 July.  Its shares surged 37% the next day, making it one of the best performers in the stock market.

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Macarthur Coal (ASX:MCC) is a coal miner, supplying low volatile pulverized coal injection coal (PCI coal) to the steel mills of Asia, Europe and Brazil as well as some thermal and coking coal.

On 11 July, MCC received a takeover offer from Peabody Energy Corp and ArcelorMittal that values MCC at $4.68 billion.

Peabody offered $15 and $16 for the company in multiple attempts over the last two years, and ArcelorMittal owns 16.07% of the company.

The board makes no recommendation in relation to the indicative proposal so far. It will seek to engage the two companies in relation to the price and terms.

MCC has been one of the hot stocks following the takeover offer, bucking the weakness seen on the Australian share market.

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Macarthur Coal (MCC) is a coal miner, supplying low volatile pulverized coal injection coal (PCI coal) to the steel mills of Asia, Europe and Brazil as well as some thermal and coking coal.

Its primary focus is production at the Coppabella and Moorvale coal mines located near Moranbah in Queensland’s Bowen Basin, which together provide approximately 47% of the PCI coal exported from Australia.

Along with many of its mining peers, MCC has been one of 2011’s shares to sell due to the impact of the Queensland floods on its production.

On 4 May, MCC forecast FY11 net profit to be around 50% higher than the previous year’s $125.1 million result.

Although the group expects full year NPAT to be between $185 million and $205 million, production guidance was lowered to 4.1Mt – 4.3Mt, from the previous 3.8Mt – 4.0Mt.

MCC blamed the production downgrade on extreme wet weather in FY11.

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