Caledon shares heat up on takeover speculation

CALEDON Resources shares opened at $1.06 this morning, up almost 18% from its opening price a week ago as investors anticipate a takeover offer for the Queensland coking coal producer.
Caledon shares heat up on takeover speculation Caledon shares heat up on takeover speculation Caledon shares heat up on takeover speculation Caledon shares heat up on takeover speculation Caledon shares heat up on takeover speculation

Caledon's Cook operation.

Blair Price

In mid-August Caledon announced it had received a number of “unsolicited and indicative enquiries from third parties” in the previous month.

This morning Caledon reiterated that there was no certainty an offer for the company will be forthcoming.

In late June Caledon scrapped merger talks with its major stakeholder Polo Resources.

Caledon, owner of the Cook mine in the Bowen Basin, was up for sale for many months until the London-based company ended its sales process in December 2009, before negotiations started up over the failed scrip-based merger proposal with Polo in April.

Caledon shares are up 12.5c, or 13.4% this morning to $1.06.

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