Mining Magnate Shelves $5.5B Buyout Bid For Aussie Coal Co.

Law360, New York (August 24, 2012, 4:19 PM EDT) -- Australian mining tycoon Nathan Tinkler has yanked his AU$5.3 billion (US$5.5 billion) bid for Whitehaven Coal Ltd., Whitehaven confirmed Friday, just days after Australia's resource minister declared the end of the country's mining boom.

Tinkler and a consortium of other investors lodged their bid July 13, prompting Whitehaven to open its books for due diligence. The review period closed Thursday, giving way to Whitehaven's statement saying it “has now been advised by the Tinkler Group that a formal binding proposal of AU$5.20 cash per share will...
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