“This now clears the way for us to complete this transaction in a timely manner,” said Peabody Energy Chairman and CEO Gregory H. Boyce. “Our offer has been recommended by all the participating members of the Macarthur board and is a substantial premium of 44% to the closing price on July 11, just before our proposal was made public.”
“It is now three months since we submitted our initial proposal for Macarthur,” said Aditya Mittal, CFO, ArcelorMittal. “Our offer remains the only one before Macarthur shareholders, and we urge them to accept without delay or risk missing out on a substantial premium for their investment.”
The two companies established an Institutional Acceptance Facility (IAF) to provide greater flexibility for institutional shareholders to accept the offer. The IAF will be operated by UBS. The IAF allows eligible institutional Macarthur investors that do not wish to accept the offer until it has become unconditional to indicate their intention to accept prior to the offer becoming unconditional.
