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Macarthur Turns Down Peabody’s A$15 a Share Offer
May. 18, 2010 06:03PM PST
Industrial Metals InvestingASX listed coal producer, Macarthur Coal Limited (ASX:MCC) has rejected US-based Peabody Energy’s trimmed down offer from A$16 a share to A$15 a share. The company cannot make this offer to shareholders. Peabody’s reason for the trim down is due to the 40% super profits tax by the Australian government.
Macarthur was quoted saying:
“The Macarthur board […]
ASX listed coal producer, Macarthur Coal Limited (ASX:MCC) has rejected US-based Peabody Energy’s trimmed down offer from A$16 a share to A$15 a share. The company cannot make this offer to shareholders. Peabody’s reason for the trim down is due to the 40% super profits tax by the Australian government.
Macarthur was quoted saying:
“The Macarthur board has met today and considered Peabody’s further proposal and formed the view that based on the price and the conditions of the proposal, it cannot reasonably be recommended to shareholders.”