ST. LOUIS & LUXEMBOURG--Regulatory News: Peabody Energy (NYSE: BTU) and ArcelorMittal (NYSE: MT) has announced that the offer for Macarthur Coal Limited is now open for acceptance.
Peabody and ArcelorMittal urge all Macarthur shareholders to accept the compelling offer to receive a substantial premium for their investment. The bidder's statement of PEAMCoal Pty Ltd, a company owned by Peabody and ArcelorMittal, is being sent to Macarthur shareholders today.
Under the offer, Macarthur shareholders will be offered A$15.50 cash per share, valuing the equity in Macarthur at approximately A$4.7 billion. Macarthur shareholders will also be entitled to retain any final dividend declared by Macarthur in respect of the financial year ended June 30, 2011, up to an amount of 16 cents per share, without reducing the offer price. This represents a total value of A$15.66 cash per share.
Macarthur shareholders now have a clear opportunity to accept the PEAMCoal offer at a price that gives full credit to the state of Macarthur's current operations and development projects, said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce.
Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal said, We feel this is a compelling offer which embodies value and certainty for Macarthur shareholders.
The total value to be received by Macarthur shareholders of up to A$15.66 per share represents a substantial premium of:
- 41% to A$11.08 per share, the closing price on July 11, the day Peabody and ArcelorMittal's approach was disclosed to the market;
- 45% to A$10.82 per share, the one-month VWAP to July 11;
- 38% to A$11.32 per share, the three-month VWAP to July 11; and
- 30% to A$12.02 per share, the twelve-month VWAP to July 11.
The offer is scheduled to close on September 20, 2011 unless extended.
Macarthur shareholder seeking further information regarding the offer should contact PEAMCoal's Offer Information Line on 1800 992 039 (for callers within Australia) or +61 2 8280 7692 (for callers outside Australia).
About Macarthur Coal
Macarthur Coal is a leading producer of low-volatile PCI metallurgical coal with production and development assets in the Bowen Basin, Australia, including the Coppabella and Moorvale Joint Venture, Middlemount and Codrilla. It holds total coal reserves of 270 million tonnes and total resources of approximately 2.3 billion tonnes.
About Peabody Energy
Peabody Energy is the world's largest private-sector coal company and a global leader in clean coal solutions. With 2010 sales of 246 million tons and nearly $7 billion in revenues, Peabody Energy fuels 10% of U.S. power and 2% of worldwide electricity. For more information about Peabody Energy visit: www.peabodyenergy.com. Contact: Vic Svec (+1 314 342-7768)
ArcelorMittal is the world's leading integrated steel and mining company, with operations in more than 60 countries. In 2010, ArcelorMittal had revenues of US$78 billion and crude steel production of 90.6 million tonnes, representing approximately 8% of world steel output. ArcelorMittal's mining operations produced 47 million tonnes of iron ore and 7 million tonnes of metallurgical coal as well in 2010. For more information about ArcelorMittal visit: www.arcelormittal.com. Contact: Giles Read (+44 20 3214 2845)
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