Whitehaven Coal (ASX:WHC) has made a $172 million bid for coal explorer Coalworks Limited (ASX:CWK). Whitehaven currently has a 17.3 per cent interest in Coalworks.
Whitehaven is offering $1.00 for each Coalworks share in an off-market takeover. Coalworks last traded at $0.855.
Whitehaven’s chief says the acquisition of Coalworks represents a logical next step which will allow it to consolidate its development and exploration portfolio.
In the first half of the 2012 financial year Whitehaven Coal reported a net profit of $19.9 million.
