Ann: NHC: Revised Offer for Macarthur Coal , page-8

The NHC offer is out of the money and has no chance of succeeding unless it is significantly increased. Why bother putting up substantially the same offer when it has already been rejected by the Board of MCC?

We all know that demand and price of PCI is increasing and the growth prospects for MCC are very good. This means that shareholders expect a decent premium in any offer. Lets see how the other interested parties respond.

ANZ