Macarthur Coal (MCC.AU) has rebuffed the all-share A$3.71 billion ($4.8 billion) takeover offer from New Hope (NHC.AU) and vows to forge on with its planned Gloucester takeover and associated deals with Noble Group (N21.SG), says Dow Jones.

“The board of Macarthur met this morning and unanimously determined not to recommend the New Hope proposal to shareholders, as the board has formed the view that the scrip ratio of 2.7 New Hope shares for every Macarthur share does not represent an adequate premium for control of the company,” Macarthur says.

Macarthur has already brushed aside a A$3.56 billion cash offer from Peabody (BTU) and said its Monday meeting on the Gloucester/Noble deal will go ahead, although it concedes the meeting can be postponed if there is a “material change in circumstances”. Investors will now be wondering if that material change could come with a bid from Xstrata (XTA.LN), which is reportedly considering joining the bidding war. Macarthur now trading up 10% at A$15.81 as the strong interest in its assets becomes apparent.