Whitehaven Coal
(ASX:WHC) has announced that its major shareholder Nathan Tinkler has walked away from his $5.2 billion takeover offer for the company.
The coal producer received an indicative and non-binding proposal from Mr Tinkler’s company to privatise Whitehaven in June.
Since then Whitehaven granted the Tinkler Group due diligence in order to develop the proposal but says a formal binding proposal of $5.20 cash per share has not been forthcoming.
The board says it will continue to assess firm proposals for the company while remaining focussed on developing its assets.
Shares in Whitehaven last traded at $3.48.
