Independent directors of Aussie coal miner Gloucester Coal Ltd
(ASX:GCL) have recommended that shareholders accept a $1 billion takeover offer from major investor Noble Group.
Singapore’s Noble Group made an offer to acquire all the shares it does not already own in Gloucester for $12.60 per Gloucester share, in early April.
Following an independent expert’s report and in the absence of a superior offer, Gloucester says it recommends shareholders accept the offer from Noble.
An independent expert found the offer to be fair and reasonable with a fair market value for Gloucester somewhere in the range of $11.10 to $12 a share.
Noble Group already holds an 87.7% interest in Gloucester through its wholly owned subsidiary Osendo.
Gloucester Coal’s profit for the 2009 financial year came to $81.74 million, a big increase on the year before.
