JSE-listed Wescoal on Friday reported that it was in advanced negotiations with Ata Resources to join the consortium of investors that has submitted an indicative offer to acquire the entire issued share capital of ASX-listed Universal Coal, for A$0.35 a share.
Wescoal previously signed a memorandum of understanding with Ata to join the consortium, by way of an equity contribution to the special purpose bidding company that Ata is using for the proposed buyout of Universal.