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New Hope Corporation Limited (ASX:NHC) says it has abandoned plans to put itself up for sale.
The Queensland coal producer put itself up for sale in October last year after receiving preliminary takeover offers.
After granting due diligence to a number of third parties, New Hope says today discussions have not produced a definitive proposal which appropriately reflects the company’s strategic value and growth prospects.
As a result New Hope has decided to terminate the sales process but says it continues to remain confident in its robust growth pipeline.
New Hope also today forecast it expects to generate a net profit of between $96 million and $101 million for the first half of its 2012 financial year.
In the 2011 financial year New Hope Corporation posted a net profit of $503 million.
News: New Hope abandons sale process
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