The offer did not reflect the inherent value of Coalworks’ portfolio of assets nor their growth potential at a time when Coalworks is moving closer to delivering on its strategy of building an independent Australian coal producer, the directors said in a statement.

“The offer is opportunistic and has been timed to coincide with a separate attempt to destabilise Coalworks by calling a general meeting to alter composition of the board by removing Coalworks’ independent chairman [Wayne Mitchell] and chief executive officer [Andrew Firek],” the directors said.

“The offer does not reflect the significant synergistic benefits that Whitehaven could achieve by gaining control of Coalworks.”

A meeting called for by 7% shareholder Macquarie Bank that will include the resolutions to oust the chairman and CEO is scheduled for June 15.

Last November, a boardroom coup at Coalworks, engineered by Nathan Tinkler and Macquarie, saw the ousting of two of the company’s directors.

Coalworks said it continued to build the asset backing of the company through developing a strategic inventory of coal resources, while at the same time increasing the value of its tenements through the achievement of a number of milestones.

On the operational front, Coalworks completed a prefeasibility study at the Vickery South coking and thermal coal project in the Gunnedah Basin of New South Wales, for which it also made a strategic land acquisition to position the project for infrastructure access, with production expected to commence in 2015.