ArcelorMittal And Peabody Energy Propose Takeover Bid Of Macarthur Coal
ArcelorMittal and Peabody Energy Corporation have made a proposal for an off-market takeover bid, where the companies would acquire up to 100% of Macarthur Coal Limited’s shares. ArcelorMittal would own 40% and Peabody would own 60% of Macarthur if the bid goes through. This proposal includes offering a cash price of A$15.50 per share, for a total of A$4.7 billion to Macarthur shareholders. Already, ArcelorMittal owns about 16% of Macarthur's shares.
Macarthur shareholders must have a 50.01% acceptance of this proposal as well as various approvals from other review boards. ArcelorMittal reports in their press release there is “no assurance that any such takeover bid will be made.”