Macarthur Coal Limited (ASX:MCC) has told shareholders not to take action, after ArcelorMittal and Peabody Energy confirmed a $15.50 per share takeover offer, made after the completion of due diligence.
Macarthur’s chairman Keith DeLacy described the offer as an opportunistic attempt to acquire Macarthur at a time of global economic volatility and regulatory uncertainty, and says it fails to reflect Macarthur's industry leading position.
The coal miner says it told Peabody and Arcelor that it would recommend a $16 per share offer, based on certain conditions, including a price increase to $18 per share if the companies gained 90 per cent of Macarthur.
Macarthur Coal Limited (ASX:MCC) reported a profit of $141.25 million in the second half of 2010.
MCC Price at posting:
$15.81 Sentiment: None Disclosure: Held
