Peabody Lowers Offer For Macarthur Coal To A$15/Share
May 10 2010 - 3:10AM
Dow Jones News
Macarthur Coal Ltd. (MCC.AU) said Monday it received a lower
takeover proposal from Peabody Energy Corp. (BTU).
The American coal company is offering Macarthur Coal Ltd.
(MCC.AU) shareholders A$15 cash for each share, down from a prior
offer for A$16 a share offer, Macarthur said.
Peabody remains willing to offer Macarthur's three major
shareholders, Citic Resources Holdings (1205.HK), ArcelorMittal
(MT) and Posco (005490.SE) the opportunity to retain their economic
interest in Macarthur.
Macarthur has fallen in value on the Australian share market
since the Australian government announced a plan that could
substantially raise taxes in the resources sector. Since the plan
was announced, Macarthur's shares have fallen to A$13.69, from
A$15.47, or 11.5%.
Macarthur advised shareholders to take no action.
-By Cynthia Koons; Dow Jones Newswires; 61-2-8272-4691;
cynthia.koons@dowjones.com
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