JOHANNESBURG (miningweekly.com) – Triple-listed Coal of Africa Limited (CoAL) has extended the offer period for the proposed buy-out of Universal Coal to March 11.
CoAL in November launched a $91-million offer to buy Universal, with CEO David Brown stating at the time that the merger of the two companies would be a springboard to a “new coal mining force”.
The miner on Wednesday said it had received acceptances from Universal shareholders for about 41.3% of Universal’s shares.
IchorCoal, which owned 29.99% of Universal, had made a rival offer of A$0.16 a share for the Universal shares it did not already own. That offer had closed on February 5.