Whitehaven Shares Jump 18.5% on Takeover Bid

By International Business Times,  July 16, 2012, 01:40:46 AM EDT

Shares of Whitehaven Coal Ltd. ( ASX ) responded positively to news of a A$5.3 billion ($5.4 billion) takeover bid by a consortium led by Australian billionaire Nathan Tinkler.

On Friday, the Tinkler Group Pty. Ltd. offered to acquire Whitehaven Coal Ltd. at AU$5.20 (US$5.29) per share, at least a 51 per cent premium over the weekend's close of the coal miner. 

As of 1111 AEST, the shares of the mining company were 64 cents, up 18.55 per cent, at $4.09. On Friday, Whitehaven Coal Ltd. closed at $3.45, eight cents down on the day and nearing a three-year low. Shares traded as high as A$6.50 last year, according to Reuters News.

Read More on International Business Times




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: ASX



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