Coal producer Peabody Energy Corporation (
) on Thursday announced it has raised its takeover bid for
Australian coal producer Macarthur Coal.
The new all-cash offer is for of 16 Australian dollars per
share, or $14.95 in American dollars. That bid is 14% higher than
Peabody's previous offer, and beats out rival New Hope Corp.'s
cash/stock offer of $14.50 Australian per share.
Macarthur rejected New Hope's bid on Thursday, noting that "it
did not represent an adequate premium for control of the
In addition, Macarthur said it would continue its attempt at a
takeover of its own. The company's shareholders will vote Monday on
a bid to buy out Gloucester Coal Ltd.
Peabody Energy shares fell 23 cents, or -0.5%, in premarket
The Bottom Line
We have been recommending shares of BTU since Mar.25, when the
stock was trading at $47.23. The company has a .59% dividend yield,
based on last night's closing stock price of $47.86.
Peabody Energy Corporation (
) is a "recommended" dividend stock, holding a Dividend.com DARS™
Rating of 3.5 out of 5 stars.
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, as well as a detailed explanation of
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