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Macarthur Coal Limited (ASX:MCC) has told shareholders again there’s no need to take any action in relation to a hostile offer from Peabody Energy and ArcelorMittal.
The US coalminer and steel maker have in retaliation told shareholders Macarthur’s management is to blame for the underperformance of the stock. Production growth forecasts “failed to materialise” according to their bidder’s statement.
The Macarthur board has signalled it wants an offer of at least $18 per share, currently the offer is worth $15.65.
In the six months to 31 December 2010, Macarthur Coal reported a net profit of $141.2 million.
