Gloucester Coal: Shareholders Should Take No Action On Macarthur Offer
19 Abril 2010 - 8:53PM
Dow Jones News
Independent directors of Gloucester Coal Ltd. (GCL.AU) Tuesday
said shareholders should take no action in relation to Macarthur
Coal Ltd.'s (MCC.AU) bid for a majority stake in the company.
The announcement follows a decision on Monday by shareholders in
Noble Group Ltd. (N21.SG) to reject Macarthur's offer for Noble's
stake in Gloucester, a miner based in the north of Australia's New
South Wales state.
In a statement to the Australian Stock Exchange, Gloucester said
it would issue an updated statement on the situation "in due
course" detailing any revised advice to shareholders.
"Gloucester will...consider the potential implications of the
proposed takeover bid for outstanding Gloucester shares announced
by Noble on 6 April 2010."
In December, Macarthur and Noble announced a deal, subject to
shareholder approval, under which the Australian miner would
acquire Gloucester Coal and make an associated transaction with
Noble. The deal would have seen Noble gain a 24% stake in
Macarthur.
But, in March, Peabody Energy Corp. (BTU) made an unsolicited
offer for Macarthur, which was initially rejected by Macarthur. The
U.S. company since then has revised its offer and has said that it
has the support of some of Macarthur's large shareholders.
-By David Fickling, Dow Jones Newswires, +61 2 8272 4689;
david.fickling@dowjones.com
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