Macarthur Coal Ltd has refused to back a $4.6 billion takeover bid from Peabody Energy and ArcelorMittal and said it is talking to a number of interested parties.
Macarthur said it had advised Peabody it would be prepared to recommend an alternative proposal of $16 per share offer pending certain conditions, but these conditions were rejected by Peabody.
Peabody last month announced it intended to bid $15.50 per share minus the amount of Macarthur's final dividend. It later agreed that up to 16 cents of the final dividend would not be deducted from the offer price.
"The (Peabody/ArcelorMittal) offer appears to be an opportunistic attempt to acquire Macarthur at a time of global economic volatility and regulatory uncertainty in Australia, and fails to reflect Macarthur's industry leading position and the growth potential of its unique assets," Macarthur chairman Keith DeLacy said in a statement.
MCC Price at posting:
$15.74 Sentiment: Buy Disclosure: Held
