Markets

Western Coal Corp Nearly Doubles in Value after receiving Walter Energy Bid

Canada's Western Coal Corp. (WTN.TO) is up 43% - but still off a new year high of $11.05 touched earlier - after Walter Energy Inc., a Florida-based producer of steelmaking coal, offered to buy it for $3.3 billion. Walter Energy bid for the outstanding common shares of Western Coal for $11.50 a share in cash and stock. That represents a premium of nearly 60% to Western Coal's 20-day average price of $7.23 on the Toronto Stock Exchange.

Close to 11 million WTN shares have changed hands on the TSX.

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

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