Noble owns 87.7% of Gloucester following its $7 cash takeover offer last year, and made a $12.60 per Gloucester share offer in April just in case the transactions with Macarthur did not go ahead.

Gloucester’s remaining independent directors have recommended this offer and lodged the target statement with the Australian Securities and Investments Commission today.

Deloitte’s independent expert report valued Gloucester shares at between $11.10 and $12.00.

Private company Donaldson Coal eventually became a wholly owned subsidiary of Noble Group in the March quarter.

Shares in the New South Wales coal producer were up 1c to $12.45 by mid-afternoon.