macarthur still hoping for rival to peam bid

http://www.theaustralian.com.au/business/mining-energy/macarthur-still-hoping-for-rival-to-peam-bid/story-e6frg9df-1226130069437


MACARTHUR Coal's board is still hoping for a higher takeover bid, despite reaffirming its recommendation of the sweetened offer of Peabody Energy and ArcelorMittal.

The Queensland coal company yesterday released its target statement on the $16-a-share offer, reaffirming its support for the bid, but chairman Keith De Lacy told investors a higher rival offer could not be ruled out.

"As previously advised, Macarthur had pursued discussions with third parties, which had expressed interest in putting forward a superior proposal for Macarthur's shares," Mr De Lacy said in a letter to shareholders.

"The directors advise that as at today, no superior proposal has been received. Although it remains possible that a superior proposal might be made, there can be no assurances that any will emerge."

Many believed a rival offer for Macarthur was likely, with 25 per cent shareholder Citic Group the key to any alternative bid....