noble-goes-on-offensive-for-gloucester-coal

Noble goes on offensive for Gloucester Coal

Hong KongÆs Noble Group ascribes an equity value of $220 million to Australian company Gloucester Coal and sets out to topple its merger plans with Whitehaven.

Hong Kong-headquartered commodities trading company Noble Group has made an all-cash offer to acquire the 78.3% shareholding in Gloucester Coal it does not already own at a cost of A$310 million $201 million, or A$4.85 per share. The offer is not conditional on a minimum acceptance level, but is subject to Gloucester Coal's pending bid for Whitehaven Coal being withdrawn or otherwise terminated. Noble has already received approval from Australia's Foreign Investment Review Board FIRB to increase its stake in Gloucester Coal to 100%.

The offer price represents a 54.2% premium to Gloucester Coal's closing price on the Australian Stock Exchange on February 19, the last trading day prior to the announcement of...

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