Although some among us choose not to think about any relevance of Peabody's bid for MacArthur Coal(MCC) they may now possibly reconsider these points:-
a) it is in fact a joint bid by Peabody Coal and ArcelorMittal.... the latter currently holds over 16% of MCC.
b) it is conditional on receiving regulatory approval and gaining at least 50.01% acceptance.
c) the offer premium is 40% up on the last MCC share price and 1MthVWAP.
d) in the current political and economic uncertainty there may not be many alternative bidders who can meet the pre-conditions, obtain approvals and are prepared to stump up enough big bickies.
As I said yesterday the offer timing was exquisite.
A similar bid approach to ESG is therefore not entirely beyond the realms of possibility in the near future.
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