Macarthur Coal
(ASX:MCC) has extended its takeover offer period for Gloucester Coal until May 13.
Such a deal would have delivered Macarthur Gloucester's Middlemount coal mine in Queensland and would have given Gloucester's major shareholder, the Noble Group, a 24 per cent stake in the merged entity.
Recently, the Noble Group's shareholders failed to support the move and Noble terminated the Middlemount sale plans.
Macarthur's plans to take over Gloucester were made even more difficult by a bidding war that broke out for Macarthur, which has seen US coal giant Peabody Energy make a $4.07 billion offer.
Macarthur is yet to make a recommendation to shareholders in relation to the Peabody proposal.
Macarthur Coal’s 2009 net profit was $168 million, that’s up on the two years before.
