Joint bidding vehicle PEAMCoal said it now had a relevant interest in approximately 59.85% of Macarthur shares after the $16-a-share bid for the miner was accepted.

It surpasses the minimum accepted condition of 50.01%, with the offer now declared unconditional.

Peabody Energy chairman Gregory Boyce welcomed the acquisition.

“We are pleased to obtain a controlling interest in Macarthur Coal and look forward to advancing the company’s operating performance and growth initiatives,” he said.

The offer will increase to $16.25 per share if PEAMCoal acquires a relevant interest in at least 90% of Macarthur shares by November 11.

The deal follows recent suggestions by Macarthur’s directors urging shareholders to accept a takeover offer from Peabody Energy and ArcelorMittal, after PEAMCoal agreed to up the offer by 50c to $16/share in August this year.

Macarthur previously warned shareholders that if PEAMCoal’s sweetened cash offer was unsuccessful and there were no rival offers, its shares could trade at a discount to the $16/share offer price.

Peabody and ArcelorMittal have secured all regulatory clearances for the acquisition.

Macarthur recently recorded annual revenue of $687.3 million in the year to June 2011, 2.5% higher than the same time last year.