New Hope (NHC.AU) has reworked its bid for Macarthur Coal (MCC.AU) by adding a cash alternative, while keeping equity ratio unchanged.

NHC is still offering 2.7 of its shares per Macarthur share but now also offering an alternative of A$14.50 ($18.8) cash per share for up to A$950 million.

New Hope Chairman Robert Millner says decision to add a cash alternative based on feedback from shareholders and that reworked bid now clearly the best offer on the table.

He called for Macarthur to again postpone a shareholder vote Monday on its planned bid for Gloucester Coal (GCL.AU) and associated mine stake purchase from Noble Group (N21.SG).

Millner says the company is in the process of talking to all shareholders, but would not say if he had spoken to the top three who look set to determine the outcome of the takeover tussle. Macarthur not immediately available for comment.