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South African-focused Universal Coal has received a rival takeover offer, after its major shareholder IchorCoal launched a bid last month.
The latest bid is understood to have come from another coal company with South African operations. The indicative, non-binding offer is believed to be more than 20 per cent higher than Ichor's 16¢ bid.
Ichor owns 29.9 per cent of Universal, which has a market value of about $78 million. Universal's shares closed at 15.5¢ on Friday.
Street Talk revealed IchorCoal was considering a tilt at ASX-listed Universal last month.