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Peabody Energy and ArcelorMittal have extended their $5 billion bid for Macarthur Coal Limited (ASX:MCC) by more than two weeks.
Both companies launched their takeover bid for the Queensland focused coal miner in July and have now extended the acceptance date to 7pm on October 14, 2011.
PEAMCoal's proposed off-market offer would see Macarthur shareholders receive $16 for every share they own.
PEAMCoal is a joint venture between mining giant Peabody Energy and steel giant ArcelorMittal. The JV already has a 16 per cent stake in Macarthur and is targeting a 50 per cent stake.
In the 2011 financial year, Macarthur Coal said its net profit had jumped 93 per cent to $241.4 million.
