SINGAPORE: Singapore-listed Noble Group said Australia-based Macarthur Coal has launched a A$668.5 million (US$591.3 million) takeover offer of Noble unit, Gloucester Coal.
Macarthur is offering Gloucester shareholders 0.84 Macarthur shares for every one Gloucester share.
Macarthur is also offering a cash alternative, of A$8 for each Gloucester share.
If Noble accepts the offer, it will also give up part of its stake in two mines to Macarthur - Donaldson and Middlemount.
In return, it will receive a 24 per cent stake in Macarthur.
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Noble has acquired each Gloucester share at A$7 and that is 14.3% profit assuming if Noble has taken the cash offer. Not too bad.
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