Noble Group has extended the offer period for its $1.03 billion bid for Aussie coal miner Gloucester Coal Ltd
(ASX:GCL).
The offer was originally scheduled to expire on July 5 but has now been extended to August 4.
Singapore based Noble is Gloucester’s largest shareholder with an 87.73% stake in the company.
Last month Gloucester recommended that shareholders accept Noble’s takeover offer of $12.6 cash per share.
Gloucester also became a takeover target of fellow coal miner Macarthur Coal Ltd (ASX:MCC) who abandoned its bid for the miner in May after failing to gain shareholder support for its offer.
Gloucester Coal reported net profit after tax of $81.74 million for the 12 months to June 30, 2009.
