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The offer will close on February 25.
New Hope increased its offer to $1.75 per share last month, while the first offer of $1.50 per share was made back in October.
NEC’s board has rejected all of New Hope’s bids so far.
A previous NEC target statement included an independent expert’s preferred lower valuation range of $2.70-3.99 per NEC share.
New Hope chairman Robert Millner told ILN last year that NEC did not have the capital to develop its deposits.
NEC is on track to start production from its 500,000 tonnes per annum Colton hard coking coal project within its Maryborough project in 2012 and has a port allocation for this amount from the first-stage development of the Wiggins Island Coal Export Terminal.
While the new terminal is not expected to start shipping under its stage 1 capacity until 2014, NEC already holds an allocation through Barney Point for the interim period.
The explorer’s Elimatta open cut project in the Surat Basin hosts 106 million tonnes of marketable reserves with mine construction slated for late 2011.
NEC shares surged by 39.5% to $1.55 on the day the $1.50 takeover offer was first announced.
NEC shares are up 10.5c this morning to $1.87.
