The US coal producer said that the proposal follows its due diligence as well as the introduction of the Australian resources profit tax proposal.
Under the proposal, Peabody is prepared to offer cash to all Macarthur shareholders and continues to be willing to provide any, or all, of Macarthur’s three major shareholders with the opportunity to retain their economic interest in Macarthur should they so desire.
Peabody’s revised proposal represents: a 31% premium to AUD11.48 per share, which was the 30-day volume-weighted average share price up to March 30, 2010, the day before Macarthur announced Peabody’s initial proposal; and a 42% premium to A$10.57 per share, the 90-day volume-weighted average share price up to March 30, 2010.
Peabody encouraged the Macarthur Board to move to a ‘quick resolution’ to resolve the uncertainty for Macarthur shareholders.
