Gloucester ticks Macarthur takeover move

Macarthur Coal Ltd suitor New Hope Corporation Ltd says it is relieved its target's
shareholders will have more time to consider its $3.71 billion takeover bid.
New Hope trumped a $3.56 billion offer for Macarthur by US-based Peabody Energy
Corporation on Friday.
Macarthur has rejected both proposals and is instead pressing ahead with its
acquisition of smaller rival Gloucester.
Meanwhile, continuing speculation that Swiss giant Xstrata could enter the bidding
war for Macarthur pushed the specialist coal producer's share price higher.
Macarthur closed up 97 cents, or 6.24 per cent, at $16.52.
"They have had plenty of time, so if it does come out ... it is interesting that
they have waited until the absolute last minute," Patersons Securities analyst
Andrew Harrington told AAP.
A Fairfax newspaper report on Monday suggested Xstrata Coal could bid more than $16
per share for Macarthur.
Macarthur said on Friday that an investment bank representing Xstrata Coal had
approached one its substantial shareholders.
New Hope on Monday said it welcomed the decision by the board of Macarthur Coal to
defer the Macarthur extraordinary general meeting (EGM) in Brisbane for one week.
"The deferral of the EGM provides Macarthur shareholders the opportunity to consider
New Hope's offer to acquire all of Macarthur's shares for scrip consideration of 2.7
New Hope shares for every one Macarthur share to be implemented by scheme of
arrangement," New Hope said in a statement.
Macarthur has repeatedly urged shareholders to vote in favour of the Gloucester deal
and associated transactions with Gloucester's largest shareholder Noble Group Ltd.
Both New Hope and Peabody had called on the Australian government's Takeovers Panel
to order Macarthur to postpone an extraordinary general meeting (EGM) of
shareholders to vote on its proposed takeover of Gloucester Coal Ltd.
Macarthur late on Friday rescheduled the meeting in Brisbane from April 12 to April
19, prompted by several shareholders who had complained that they did not have
enough time to properly review fresh information that had been released by the
target.
Under this deal, Macarthur shares will be issued to Noble at $9.70 per share in
exchange for Noble's interest in the Middlemount coal mine in Queensland and its
87.7 per cent interest in Gloucester.
Noble, a Singapore-based trading house, would hold a 24 per cent stake in a combined
Macarthur/Gloucester.
Gloucester's board on Monday reaffirmed its support of the deal.
However, New Hope says its offer is superior to Macarthur's other competing proposals.
New Hope's offer valued Macarthur at $14.58 per share based on both companies'
closing share price on Wednesday April 7, two days before the offer was launched.
"New Hope believes that its offer is superior to the proposed Gloucester
transactions and other announced proposals put to the Macarthur board," New Hope
said.
New Hope chairman Robert Millner said in a statement on Monday that Macarthur's
share price had been boosted by the New Hope and Peabody offers, which constituted a
takeover premium.
"The proposed Gloucester transactions will be likely to eliminate that control
premium in the share price due to the creation of a blocking stake for Noble," New
Hope said.
Shares in New Hope rose 19 cents, or 3.58 per cent, to $5.49 while Gloucester shares
eased nine cents to $12.11.