wescoal-keaton

WESCOAL Holdings is to bid shares and cash worth R525.6m for Keaton Energy in its effort to establish itself as an eight million tonne a year domestic and export coal miner.
The company today unveiled terms of a takeover offer in which it will offer Keaton shareholders R1.80 per share, equal to a 33% premium to Keaton’s volume weighted average price over the last 30 days.
The offer has the support of 77% of Keaton Energy’s shareholders including the Pouroulis family, who own 26.4% of the company and trading group Gunvor through its investment vehicle Plusbay (26.8%).