Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited has announced that it provided US-based coal giant Peabody Energy Corporation with access to a data room to commence due diligence. Peabody has until May 3, 2010 to complete its due diligence review to formalize its AU$4.07 billion ($3.78 billion) bid.
Macarthur also noted that the Gloucester offer involving Hong Kong-based Noble Group remains open, although conditional. It did not disclose the conditions.
As SteelOrbis previously reported, Macarthur Coal Limited had announced on February 26 that its board confirmed a bid to takeover New South Wales-based Gloucester, which operates mines in the Hunter Valley and is largely owned by Hong Kong-based Noble Group. The coal producer was offering Gloucester shareholders 0.84 Macarthur shares for every one Gloucester share held or AU$8 a share.
However, Noble Group's shareholders on April 19 did not approve the sale of the company's stake in Australian miner Gloucester Coal to Macarthur Coal, followed by a notice by the independent directors of Gloucester Coal on April 20 asking its shareholders to take no action in relation to Macarthur Coal's offer.
Macarthur rejected previous proposals by St. Louis, US-based coal giant Peabody Energy Corp and Australian coal producer New Hope, apart from the April 15 offer from Peabody which was considered. On that date, Peabody revealed a sweetened third offer to takeover the company for AU$16 per share or a total of AU$4.1 billion (US$3.8 billion).