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Macarthur takeover extended yet again
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20th October 2011
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PERTH (miningweekly.com) - The proposed takeover of ASX-listed Macarthur Coal by a joint venture (JV) vehicle between US-based Peabody Energy and steel producer ArcelorMittal has yet again been extended as the takeover offer struggled to gain traction.

This was the third extension to the takeover’s closing date since the A$16 a share cash offer was first made in August this year. To date, the Peabody-ArcelorMittal JV has only secured a 24% shareholding in Macarthur Coal, after starting out with an initial stake of 16.1%.

The JV would need at least a 50.1% shareholding to enact the takeover offer.

The offer has now been extended to close on November 11.

Peabody said in statement on Thursday that with the third extension of the takeover, the timing for when the JV had to meet its obligations had been postponed by one month, and the Macarthur shareholders who had accepted the takeover offer were now entitled to withdraw their acceptance by giving it to the JV within one month.

Meanwhile, Macarthur shares have been trading above the offer price at around A$16.10 a share.
 

Edited by: Creamer Media Reporter

 

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