Macarthur Drops Bid for Gloucester

Macarthur Coal, an ASX-listed coal producer, has decided to drop its bid for  Gloucester Coal which is its smaller rival. Macarthur has been taken over by Peabody and New Hope and this caused its drop on the bidding.

Macarthur Coal is quoted saying:

“The Gloucester independent directors are exploring alternative options that may be available to Gloucester shareholders in light of the Noble proposal, and the outcome of the Macarthur bid.”

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