Commodities trader Noble Group, a 21.7% shareholder, is guaranteed to not support the merger as it not only made the application to the panel in the first place, but has since launched its own off-market cash takeover of Gloucester at $4.85 per share – 54.2% higher than Gloucester shares before the initial merger announcement.

The order from the Takeovers Panel followed its declaration of unacceptable circumstances for the merger proposal on Wednesday.

The Foreign Investment Review Board has given the merger proposal its blessing, however FIRB approval is but one requirement for the deal to go ahead.

Back in 2007, Hong Kong-based 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.

Shares in Gloucester closed up 1c to $4.82, while Whitehaven shares closed down 8c to $1.52 on Friday.