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Takeover target Macarthur Coal Limited (ASX:MCC) has told investors that it does not consider Peabody Energy and ArcelorMittal’s $4.7 billion bid for the company as hostile and remains in positive talks with the bidders.
The comments come from CEO Nicole Hollows just one day after reports emerged Peabody and ArcelorMittal would take the bid directly to Macarthur Coal shareholders.
Ms Hollows again today reiterated her advice to Macarthur shareholders to “take no action”, while also revealing that she was unsure of Citic Resources’ stance on the deal. Citic is Macarthur’s largest single shareholder.
Yesterday Macarthur called the bid “opportunistic” and said it would only consider recommending a $16 per share offer based on certain conditions.
Shares in Macarthur Coal have firmed in morning trade, up 0.19 per cent at $15.86.
In the first half of its 2011 financial year, Macarthur Coal posted a net profit of $141.25 million, up 257 per cent from the same time a year before.
