Peabody Lowers Offer For Macarthur Coal To A$15/Share

Macarthur Coal Ltd. (MCC.AU) said Monday it received a lower takeover proposal from Peabody Energy Corp. (BTU).

The American coal company is offering Macarthur Coal Ltd. (MCC.AU) shareholders A$15 cash for each share, down from a prior offer for A$16 a share offer, Macarthur said.

Peabody remains willing to offer Macarthur's three major shareholders, Citic Resources Holdings (1205.HK), ArcelorMittal (MT) and Posco (005490.SE) the opportunity to retain their economic interest in Macarthur.

Macarthur has fallen in value on the Australian share market since the Australian government announced a plan that could substantially raise taxes in the resources sector. Since the plan was announced, Macarthur's shares have fallen to A$13.69, from A$15.47, or 11.5%.

Macarthur advised shareholders to take no action.

-By Cynthia Koons; Dow Jones Newswires; 61-2-8272-4691; cynthia.koons@dowjones.com

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