National-Ranger deal gets the thumbs-up

A MAJORITY of shareholders in troubled Tennessee-based producer National Coal have voted in favor of the proposed takeover by Ranger Energy Investments.
National-Ranger deal gets the thumbs-up National-Ranger deal gets the thumbs-up National-Ranger deal gets the thumbs-up National-Ranger deal gets the thumbs-up National-Ranger deal gets the thumbs-up

The Baldwin preparation plant in Devonia, Tennessee. Courtesy National Coal.

Donna Schmidt

Ranger, the acquisition arm of Appalachian industry asset businessman Jim Justice, said in September it would purchase the operator for $US1 per share cash.

National said Friday that the transaction was expected to close December 15, at which time the company will become a wholly owned subsidiary of Ranger Energy and will cease stock trading.

The consideration per share was a 54% premium to National Coal’s September 27 closing price of 65c.

In April, Ranger acquired some of National’s assets in Devonia, Tennessee, and on its New River Tract site.

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