PERTH (miningweekly.com) - Coal miner Whitehaven Coal on Thursday launched the compulsory acquisition of all the remaining shares in takeover target Coalworks after gaining a 95.52% shareholding in the company at the end of the takeover offer period.
In June this year, the directors of ASX-listed junior Coalworks recommended that shareholders accept a sweetened takeover bid from Whitehaven, after the company agreed to distribute a 33% shareholding in Orpheus Energy to shareholders, adding 2.5c to the A$1-a-share offer.
The offer period ended on July 4.
Whitehaven said on Thursday that after the compulsory acquisition had been completed, the company would consult with the ASX to seek the removal of Coalworks from the official list.
Whitehaven itself is the target of a takeover by fellow listed Tinkler Group, with owner Nathan Tinkler offering shareholders A$5.3-billion.