Excel deal raked over coals
Nigel Wilson, Energy writer
July 07, 2006
AN agreed takeover for Australia's largest independent export coal producer, Excel Coal, was slammed last night as being too low and serving only the interests of the founding directors.
Managing director Tony Haggarty defended the offer, saying it was the directors' view that it was in the best interests of shareholders in the absence of a superior offer.
"It's as if the directors didn't believe in the future of the company," said Fat Prophets analyst Gavin Wendt.
"You got the impression from the briefing today that the board was suffering management fatigue and wanted to get out."
http://www.theaustralian.news.com.au/story/0,20867,19710247-643,00.html
Excel deal raked over coalsNigel Wilson, Energy writer July 07,...
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