The Whitehaven Coal Ltd
(ASX:WHC) sale process is starting to gain traction since the company has been unofficially up for sale for approximately 18 months, causing speculation that the room has been devoid of potential bidders.
The coal miner fired up suitors on October 29 when it formally announced a bidding process saying there was ongoing interest being shown in the company.
Since the announcement, Peabody Energy and Alpha Natural Resources have been reportedly interested in buying the miner.
Whitehaven is seeking offers of $7.50 a share, valuing the Sydney-based firm at $3.7 billion.
The company's managing director Tony Haggarty says he is open to takeovers as well as transactions such as joint ventures.
For the financial year ended 30 June 2010, Whitehaven posted a net profit of $115 million.
