Luxembourg-based global steel giant ArcelorMittal and St. Louis, Missouri, US-based Peabody Energy have presented their takeover bid for Australia-based Macarthur Coal Ltd, offering A$15.50 (US$17.14) per share.
As SteelOrbis previously reported, Macarthur turned down the $5.2 billion tender offer and advised its shareholders not to accept the offer. As a response, ArcelorMittal and Peabody were critical of Macarthur's share price, which had declined by 17.3 percent over the last 12 months.
The offer has been made by newly-formed company PEAMCoal Pty Ltd, which is to be 60 percent owned by Peabody and 40 percent owned by ArcelorMittal. PEAMCoal has a relevant interest of 16.1 percent in Macarthur's shares.