Day 13 Of The Macarthur Battle: Lots Of Words, Again
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Yet another day of share price action, statements and more in the battle for control of Macarthur Coal.It was day 13 of this increasingly odd situation that has seen only one hard and fast offer from one suitor, New Hope, which issued another statement yesterday to spruik its 2.7 for one all & #160;share offer for Macarthur.Earlier Macarthur said it would write to Noble Group (its initial suitor through the agreed deal involving Gloucester Coal and the Middlemount deposit and yesterday's postponed meeting of Macarthur shareholders) to ask for clarification for comments made in a media statement.Gloucester Coal, 87% controlled by Noble Group, issued a statement & #160;noting the New Hope offer, its rejection by Macarthur and the postponement of yesterday's shareholder meeting until next MondayIn its statement & #160;yesterday, & #160;Macarthur said & #160;again it had not received a takeover offer from Xstrata. & quot;Macarthur also notes further media speculation about a potential proposal from Xstrata. Macarthur confirms that it has not received any such proposal and has no further knowledge about Xstrata's intentions other than as previously disclosed. & quot;Like a soap opera, Xstrata and Noble battled for control of Gloucester Coal a couple of years ago and Noble won.All this meant Macarthur shares had another solid day, rising to a high of & #36;17.17, and ending at around & #36;16.52, up nearly & #36;1 on the day & #160;or 6.2%.Friday saw & #160;Macarthur reject the & #160;all-share offer worth & #36;3.7 billion from local rival New Hope Corp and again say no to the & #160; & #36;3.6 billion cash offer from US coal miner Peabody Energy & #160;saying it was still in favour of its Gloucester dealIn their & #160;statement, Gloucester Coal's independent directors said they remain unanimously in support of a takeover offer from Macarthur Coal. & quot;Gloucester noted in today's statement that New Hope's offer was conditional on Gloucester shareholder Noble Group not exercising its rights to a coal joint venture between Gloucester and Macarthur. & quot;Gloucester Coal Ltd's independent directors are continuing to recommend that shareholders accept a takeover proposal by Macarthur Coal Ltd, & quot; the directors said.Macarthur sought clarification of a statement by Gloucester's largest shareholder, Noble.Noble Group had made comments in the statement issued on Friday that seemed & #160;to indicate the voting intentions of Macarthur's three largest shareholders, CITIC Group, ArcelorMittal SA and POSCO. & quot;Macarthur is seeking clarification from Noble in relation to its statement and from its major shareholders (CITIC Group and associated entities, ArcelorMittal SA and POSCO) as to whether they have made a decision as to how they will vote on the resolution to be considered at the extraordinary general meeting (EGM) which is now to be held on 19 April 2010, and, if so, how they intend to vote, & quot; the company said in its statement yesterday.New Hope said the & #160;deferral of yesterday's shareholder meeting & quot;provides Macarthur shareholders the opportunity to consider New Hope's Offer to acquire all of Macarthur's shares for scrip consideration of 2.7 New Hope shares for every 1 Macarthur share to be implemented by scheme of arrangement ( & quot;New Hope Offer & quot;). & quot;New Hope believes that its Offer is superior to the Proposed Gloucester Transactions and other announced proposals put to the Macarthur Board. & quot;That might be New Hope's belief, but it is not Macarthur's, at the moment (Monday & #160;evening).Day 14 today. & #160; & #160;
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