Australia-based
Macarthur Coal Ltd has turned down the $5.2 billion tender offer from Luxembourg-based global steel giant
ArcelorMittal and St. Louis, Missouri, US-based Peabody Energy, referring to the two enterprises in question as “opportunists”.
Macarthur has advised their shareholders not to accept their offer of A$15.50 ($17.14) per share.
Keith DeLacy, CEO of Macarthur, stated that the offer sought to acquire Macarthur on the basis of global economic fluctuations and uncertain regulation in
Australia, and did not reflect Macarthur’s industry leadership and the growth potential of its unique assets.