New Hope Corporation Ltd
(ASX:NHC) has revealed it will consider other acquisitions if its takeover bid for Macarthur Coal Ltd does not succeed.
The miner faces stiff competition from Peabody Energy and Noble Group in the battle to gain control of Macarthur and says it has a Plan B if its offer fails.
Chairman Rob Millner has told the ABC that the company would focus on coal assets first and if necessary, also look for acquisitions elsewhere.
But Mr Millner still has his eye firmly on Macarthur Coal, saying its assets are very attractive for New Hope shareholders.
On Thursday, Macarthur voted against New Hope’s revised takeover proposal on the grounds it did not represent an adequate premium for control of the company.
Macarthur has postponed a shareholder meeting that was due to be held today so that it can instead talk to Peabody Energy, which on Thursday lifted its takeover offer to $16 per share on the condition the meeting did not take place.
Shareholders would have voted for a rival’s earlier offer had the meeting gone ahead today.
For the 12 months to July 30, 2009, New Hope Corporation posted a profit of $1.95 billion.
