“Key conditions to the scheme have been fulfilled, including regulatory and third party consents and Peabody financing for the acquisition,” Excel said.

A scheme of arrangement meeting will be held in early October, with Excel directors recommending that all shareholders vote in favour of the scheme.

“All Excel directors support Peabody’s offer and continue to unanimously recommend that, in the absence of a superior proposal, Excel shareholders vote in favour of the scheme.

“Each of the directors intends to vote in favour of the scheme at the scheme meeting in relation to Excel shares held or controlled by them,” the company said.