As a 21.7% shareholder of Gloucester, Hong Kong-based Noble sought to scuttle the merger proposal through a Takeovers Panel application seeking a judgement of unacceptable circumstances.

In a first step to considering Noble’s application, the Takeovers Panel made an interim order on Monday preventing Gloucester from sending copies of its bidder’s statement and offer document to Whitehaven shareholders for its takeover bid.

In granting the interim order, the Takeovers Panel noted that Gloucester’s bid required an 80% minimum acceptance from Whitehaven.

Even though the Whitehaven directors have stated they will accept Gloucester’s bid, the Takeovers Panel said these directors hold 74% of Whitehaven’s issued capital, 6% shy of what is necessary.

The interim order has effect for two months, or until the panel makes further judgements or the merger parties withdraw their bids.

Prior to making the takeovers application, Noble on Friday launched an off-market cash takeover offer to Gloucester shareholders at a premium of $A4.85 per share, 54.2% higher than before the initial merger proposal announcement.

If successful, the Gloucester-Whitehaven merger would create a company with a market cap of $900 million, putting it fourth in a line-up of its Australian coal peers, below Coal & Allied, New Hope Corporation and Felix Resources.

Back in 2007, Noble and private mining group AMCI used their stakes to vote down a takeover offer by Xstrata Coal, despite the wishes of Gloucester’s board.

Gloucester shares were trading down 9c this morning to $4.76.