On August 29, steelmaker ArcelorMittal and coal producer Peabody Energy announced that PEAMCoal, a new entity owned by the bidders of Australia-based Macarthur Coal, has agreed to terms with the Macarthur board for a cash takeover of all outstanding shares of Macarthur Coal for A$16.00 per share, valuing the equity in Macarthur at approximately A$4.8 billion. All participating members of the Macarthur Board recommend that Macarthur shareholders accept the new PEAMCoal offer.
"This is a major step forward in our acquisition process," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "We are pleased to have Macarthur, Peabody and ArcelorMittal moving forward together to urge shareholders to accept this attractive premium. We now look forward to completing this transaction in a timely manner."
Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal, said, "Our offer is the only offer before Macarthur shareholders, and we urge them to accept without delay and receive a substantial premium for their investment."