US coal giant Peabody Energy has completed its review of the due diligence materials provided by Aussie coal miner Macarthur Coal Ltd
(ASX:MCC).
Macarthur says it made 390 documents available to Peabody, saying that the US coal miner has advised that there are a number of matters where it would like further information or clarification.
Peabody Energy’s offer of $16 a share values Macarthur at $4.069 billion and trumps a bid by Aussie coal miner New Hope Corporation Ltd (ASX:NHC).
Peabody says it is continuing to work through the impact of the recently released Henry Tax Review on its proposal in particular the proposed introduction of the Resources Super Profit’s Tax.
Macarthur says it recognises that both the outstanding due diligence and the absence of further guidance on the impact of the proposed tax changes provide an environment of uncertainty for Macarthur shareholders.
The company says it board is committed to resolving this uncertainty as soon as possible and will seek to engage Peabody as a matter of priority on these issues.
Macarthur posted a $168.56 million profit for financial year 2009.
