PERTH (miningweekly.com) – Coal miner Universal Coal on Thursday resumed share trading after the company was unable to name a secondary bidder.
Universal earlier this week went into a trading halt after receiving a non-binding indicative intention from a second bidder for all of the company’s shares.
Due to confidentiality restrictions, the ASX-listed company was unable to disclose the identity of the bidder. However, following discussions with the ASX, the bourse required that the identity of the bidder be disclosed.
Universal told shareholders that the bidder had been unwilling to comply with this requirement, and had subsequently withdrawn its intention.
Suitor TerraCom, which currently holds a 60% voting right for Universal’s shares, on Thursday said that it had not been approached by the confidential party in relation to an intention to bid.
TerraCom said that it was disappointed that Universal had facilitated a pause in trading for the entire trading day, preventing any investors who wished to acquire Universal securities on the last day of trading to settle prior to the closing date of its own offer for Universal.
“We find it unusual that any party looking to make an offer for Universal has not approached the controlling shareholder. Universal has been subject to a number of confidential offers in the past that have eventually led to nothing, usually during another takeover process,” said TerraCom deputy chairperson Craig Ransley.
“TerraCom welcome’s the confidential party to contact TerraCom directly if they would like to discuss their proposal with the Universal controlling shareholder. The TerraCom board has extensive ASX board experience and will professionally assess the merits of any offer,” he added.