Otherwise, the new $15 proposal from Peabody is similar to its previous bid, which is a play for a controlling interest in Macarthur as opposed to a full takeover.
This arrangement allows Macarthur’s substantial shareholders to keep their stakes.
Peabody said its new bid is subject to a scheme of implementation agreement, unanimous recommendation of Macarthur’s board and Macarthur shareholder approval.
Macarthur’s board is recommending its shareholders take no action.
On Friday, Macarthur shares closed at $13.69, 11.5% down from the week previous and 15% lower than the $16.15 they fetched the previous fortnight.
CITIC Resources, ArcelorMittal and POSCO collectively own 47.4% of Macarthur.