Universal continues to woo new suitor
PERTH (miningweekly.com) – The directors ASX-listed coal miner Universal Coal have said that, while there is no certainty that a formal offer will be made to compete with shareholder IchorCoal’s 16c a share offer, the company would continue to pursue alternative offers.
Universal earlier this month announced that it had been approached by an unnamed third party, which provided the company with a written, confidential, nonbinding, indicative and conditional proposal concerning a second takeover offer to acquire all the shares in the company for A$0.25 each, along with certain convertible securities.
IchorCoal has questioned the new offer, telling Universal shareholders that the new offer price, in addition to being nonbinding, indicative and conditional, was still subject to the completion of a due diligence, as well as the formalising of financing arrangements.
Universal said on Friday the directors believed the written, confidential, nonbinding indicative and conditional proposal, if formalised, would represent the best current alternative proposal to the IchorCoal offer.
As such, the company’s independent directors would continue to work with the unnamed suitor to facilitate a formal offer.
Universal had maintained that shareholders reject the IchorCoal offer.
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