US coal giant Peabody Energy Corp has upped its offer for Macarthur Coal, now offering $14 a share. Last week Macarthur rejected a $13 a share bid as being too low.
Peabody seems to have its eye firmly fixed on Macarthur’s coal export to China business, with the new offer valuing the company at $3.56 billion. China’s coal imports tripled last year.
The Macarthur board will meet this morning to review the bid. One condition of the offer is that Macarthur agrees today to postpone an April 12 shareholder vote on a takeover of Gloucester Coal.
ASX Code: MCC
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