Macarthur Coal Ltd
(ASX:MCC) has again rejected the advances of US coal major Peabody Energy, after Peabody sweetened its offer to $14 a share for the coal miner.
The miner says an April 12 meeting for shareholders to vote on the takeover of fellow coal miner Gloucester Coal Ltd (ASX:GCL) and acquisition of Noble Group’s interest in the Middlemount Coal joint venture will still go ahead.
Macarthur says Peabody has advised the company that if it proceeds with its shareholder meeting on April 12 and the resolution is approved, the US coal giant’s offer will lapse.
Macarthur chairman Keith De Lacy says Peabody’s proposal remains highly conditional and does not fully value the company and its significant growth prospects.
Mr De Lacy says the board continues to believe that the Gloucester takeover and Middlemount acquisition are in the best interests of shareholders.
In the 2009 financial year Macarthur Coal posted a profit of $168.56 million.
