Macarthur Board OKs $5.2B Bid From Peabody, Arcelor

Law360, New York (August 30, 2011, 2:07 PM EDT) -- Australian miner Macarthur Coal announced Tuesday that its board had unanimously accepted an improved takeover bid from European steel producer ArcelorMittal and U.S. coal giant Peabody Energy that values the company at AU$4.8 billion (US$5.2 billion), after a rocky two-month courtship.

Peabody Energy, the largest private-sector coal producer in the world, and steel giant ArcelorMittal offered US$17.14 per share of Macarthur stock through their jointly owned venture PEAMCoal Pty Ltd. The bid is 44 percent above the shares' closing price on July 10, the day before...
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