While coal hopeful Riversdale Resources' independent directors...

While coal hopeful Riversdale Resources' independent directors are telling shareholders to reject a $740 million takeover bid, their bankers at Macquarie Capital are running around trying to drum up a competing offer.And it is understood Macquarie has had some early nibbles, with a handful of parties signed up to confidentiality agreements and lining up for a closer look at Riversdale's numbers.Riversdale Resources' Michael O’Keeffe and Steve Mallyon say they will accept Hancock's bid, while other shareholders have already turned it down. Photo: Sasha WoolleyThe parties are understood to include some well known mining types like ASX-listed South32, Australia's largest coal miner Glencore, US coal producer Arch Coal and Anglo American.In reality, though, it seems more likely the tyrekickers are there for a sticky beak and to make sure they don't miss out on the next big thing, rather than try to knock off Gina Rinehart's Hancock Prospecting.Coal industry experts reckon there's little chance any of the above would be willing to stretch itself too far for a Canadian coking coal development that is pre development approvals and a fair way from digging anything out of the ground.AdvertisementIt would be a gutsy board to write such a big cheque for a development asset.Which sets it up for an intriguing battle between Riversdale and Hancock, which has offered $2.20 a share increasing to $2.50 a share if it gets to 50.1 per cent of the company. [There's a lingering tax issue which means non-Canadian shareholders may not receive the full amount immediately].The target has quickly split into two camps; the independent directors, headed by Ashurst senior adviser Gary Lawler, say reject the bid, while key management shareholders including former chairman Michael O'Keefe, managing director Steve Mallyon and chief financial officer Anthony Martin are on record saying they will accept the bid.Major shareholder RCF, a Perth-based private equity house, and Regal Funds have also said they do not intend to accept the offer. The pair owns 49.7 per cent between them.