Interest in Macarthur Coal
(ASX:MCC) continues to heat up.
The latest news is that US-based Peabody Energy has raised its takeover bid to $16 a share, valuing Macarthur at $4.1 billion.
The offer comes hot on the heels of Macarthur rejecting a separate bid by rival suitor New Hope – which it said didn't represent an adequate premium for control of the company.
On Wednesday, New Hope raised its all-scrip offer for Macarthur by providing a cash alternative at $14.50 a share, capped at a total of $950 million. That valued Macarthur at $3.68 billion.
Peabody's new and third offer is about $500 million above its previous bid and is designed to pressure the company to scrap a deal with Noble Group.
That deal involves Noble selling its Gloucester Coal business and a stake in the Middlemount Coal project in Queensland to Macarthur in exchange for a 24% share of the coal company.
Macarthur Coal’s 2009 net profit was $168 million.
