Australia’s New Hope Corp <NHC.AX>, which is mounting a US$3.45 billion ($4.8 billion) takeover effort for Macarthur Coal <MCC.AX>, has begun talks with its target’s shareholders, it said today.

“We are in the process of talking to all Macarthur shareholders and the discussions are continuing today,” New Hope’s Chairman Robert Millner told Reuters, adding that the talks began on Monday afternoon.

When asked if New Hope would consider sweetening its current all-scrip offer for Macarthur, Millner said: “our offer is now the best that is available on the table, so we are happy to sit at the moment.”