UPDATE: Macarthur Coal Opens Data Room To Peabody
April 23 2010 - 1:56AM
Dow Jones News
Macarthur Coal Ltd. (MCC.AU) said Friday it has granted Peabody
Energy Corp. (BTU) access to a data room to conduct due diligence
after the U.S. coal group's sweetened A$4.07 billion takeover
offer.
Peabody has until May 3 to carry out its due diligence review of
the company and its metallurgical coal mines in Queensland state,
Macarthur Coal said in a statement.
There has been speculation that Xstrata PLC (XTA.LN) could lodge
a rival bid for Macarthur, with the Swiss mining giant talking to
Macarthur shareholders and retaining Macquarie as an adviser, but a
spokeswoman for Macarthur said the company has had no approach from
Xstrata or any other parties.
Macarthur said it remains bound by the restrictions contained in
the implementation agreement for its planned bid for Gloucester
Coal Ltd. (GCL.AU), despite that deal looking to be dead after
shareholders in Gloucester's majority owner Noble Group Ltd.
(N21.SG) voted against the transaction.
Those restrictions, which preclude Macarthur from soliciting
takeover bids, are due to expire on May 6 unless Gloucester and
Macarthur agree to extend the offer period, which now looks
unlikely.
-By Alex Wilson, Dow Jones Newswires: 613-9292-2094;
alex.wilson@dowjones.com
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