Gloucester Coal shareholders will be smiling, after yesterday’s 25.5% surge in the share price.
The dramatic increase was triggered by a $1.2 billion takeover bid from rival coal player Macarthur Coal.
Macarthur has offered Gloucester shareholders 0.84 Macarthur shares for every 1.00 Gloucester share held.
ASX Code: GCL
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For more on this news story:
- The Age: “Macarthur fires up for Gloucester”
- Gloucester Coal: “Gloucester Coal Ltd receives takeover offer from Macarthur Coal Limited”