TerraCom closes Universal Coal acquisition
2020-03-27 12:01:05 [Print]
Australian coal miner TerraCom Ltd. said on Friday it had completed its unsolicited offer to acquire UK-based Universal Coal PLC for A$175 million ($105.81 million).
TerraCom, already the largest shareholder in Universal Coal, said it had received 90% of acceptances related to Universal Coal's outstanding shares and would now acquire the rest.
Universal Coal's de-listing process from the Australian stock exchange will begin within the next few weeks, TerraCom added.
TerraCom had offered to acquire the shares it did not own in Universal Coal in early February, an approach that was rebuffed by Universal Coal on the grounds it "significantly undervalued" the coal miner.
Under the cash-and-stock deal, each shareholder of Universal Coal was offered 10 cents in cash and about 0.6026 new TerraCom shares.
TerraCom, already the largest shareholder in Universal Coal, said it had received 90% of acceptances related to Universal Coal's outstanding shares and would now acquire the rest.
Universal Coal's de-listing process from the Australian stock exchange will begin within the next few weeks, TerraCom added.
TerraCom had offered to acquire the shares it did not own in Universal Coal in early February, an approach that was rebuffed by Universal Coal on the grounds it "significantly undervalued" the coal miner.
Under the cash-and-stock deal, each shareholder of Universal Coal was offered 10 cents in cash and about 0.6026 new TerraCom shares.
