Peabody Energy and ArcelorMittal have announced that the offer for Macarthur Coal Limited is now open for acceptance.
Peabody and ArcelorMittal urge all Macarthur shareholders to accept the compelling offer to receive a substantial premium for their investment. The bidder's statement of PEAMCoal Pty Limited, a company owned by Peabody and ArcelorMittal, is being sent to Macarthur shareholders.
Under the offer, Macarthur shareholders will be offered AUD 15.50 cash per share, valuing the equity in Macarthur at approximately AUD 4.7 billion. Macarthur shareholders will also be entitled to retain any final dividend declared by Macarthur in respect of the financial year ended June 30th 2011, up to an amount of 16 cents per share, without reducing the offer price. This represents a total value of AUD 15.66 cash per share.
Mr Gregory H Boyce chairman & CEO of Peabody Energy said that "Macarthur shareholders now have a clear opportunity to accept the PEAMCoal offer at a price that gives full credit to the state of Macarthur's current operations and development projects."
Mr Aditya Mittal CFO & member of the Group Management Board at ArcelorMittal said that "We feel this is a compelling offer which embodies value and certainty for Macarthur shareholders."
The total value to be received by Macarthur shareholders of up to AUD 15.66 per share represents a substantial premium of:
41% to AUD 11.08 per share, the closing price on July 11
45% to AUD 10.82 per share, the one month VWAP to July 11
38% to AUD 11.32 per share, the three month VWAP to July 11
30% to AUD 12.02 per share, the twelve month VWAP to July 11
The offer is scheduled to close on September 20th 2011 unless extended.