Blumont Halts $117M Miner Buyout Hours After Unveiling Deal

Law360, New York (October 4, 2013, 1:06 PM EDT) -- A steep stock plunge on Friday forced Singaporean conglomerate Blumont Group Ltd. to walk back on a SG$146 million ($117 million) buyout proposal for coal miner Cokal Ltd. that it had announced earlier in the day, possibly triggering a fallout on the public markets.

Blumont's shares lost more than 56 percent of their value in the first hour of Friday trading, mucking up the company's plans to cover its Cokal purchase by issuing 72.2 million new shares at SG$2.02 a pop, where it closed on Thursday....
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