noble-sweetens-offer-to-gloucester-coal-shareholders

Noble sweetens offer to Gloucester Coal shareholders

The commodities trading company is not deterred by the lack of support from the board of Gloucester Coal and offers shareholders almost 25% more for their backing.

Hong Kong-headquartered commodities trading company Noble Group yesterday increased its all-cash offer for Gloucester Coal by 24% to an equity value of A$490 million $368 million, only days after regulators in Australia ruled that Gloucester's directors are the deciding authority for Noble's bid.

Noble is now offering A$6 per share for the 78.3% of Gloucester it does not own, up from an offer of A$4.85 it tabled on February 27. For shareholders who tender, the A$6 will yield them a premium of 91% to the closing price of Gloucester's shares on February 19, the last trading day prior to the announcement of the Whitehaven Coal merger, which Noble is trying to stop. The...

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