PEAMCoal Pty Ltd (PEAMCoal), owned by the US coal giant Peabody Energy Corp., has announced that it has extended the offer period under its takeover bid for all the ordinary shares of Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited by two weeks. The offer will now close on November 25, 2011, unless further extended.
As SteelOrbis previously reported, PEAMCoal will increase the offer price for all shareholders from A$16.00 to A$16.25 per share if it acquires relevant interests in at least 90 percent of Macarthur shares by November 25, 2011. Reaching the 90 percent relevant interest threshold will allow PEAMCoal to compulsorily acquire all outstanding Macarthur shares.