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Peabody Energy <BTU.N> has raised its offer for Macarthur Coal by 14% to US$3.8 billion ($5.2 billion), in what could be a knockout blow in the bidding war for the Australian miner.
US miner Peabody’s all-cash offer of A$16 per share on Thursday trumped a sweetened cash and share offer worth A$14.50 ($18.60) a share from Macarthur's local rival New Hope Corp.
The offer, Peabody’s third in two weeks, was pitched at 5% above Macarthur’s last trade and 32% above Macarthur’s last trade before the takeover tussle begun.
The offer hinges on Macarthur not going ahead with a vote on a proposed takeover of smaller local rival Gloucester Coal <GCL.AX>, a deal that would give Hong Kong-based commodities firm Noble Group <NOBG.SI> a near one-quarter stake in Macarthur.
Facing the growing bidding war, Macarthur had delayed the vote to April 19.
In response to Peabody’s raised offer, New Hope said it has no plans to raise its offer for now and will await Macarthur shareholders’ vote on the Gloucester deal on Monday.
