macarthur says no to peabody

MACARTHUR Coal has told shareholders to take no action after Peabody Energy and ArcelorMittal confirmed a $15.50 per share takeover offer.
The offer was made after the completion of due diligence.

Macarthur said it had told Peabody and Arcelor that it would recommend a $16 per share offer, based on certain conditions.

Those would include a price increase to $18 per share if the companies gained 90 per cent of Macarthur and the payment of a special dividend of up to 98 cents per share.

"The ... offer appears to be an opportunistic attempt to acquire Macarthur at a time of global economic volatility and regulatory uncertainty in Australia and fails to reflect Macarthur's industry leading position," chairman Keith DeLacy said in a statement today.

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