With these acceptances, PEAMCoal will control more than 49% of Macarthur Coal shares, and intends to declare the offer unconditional upon obtaining control of 50.01% of Macarthur shares.
PEAMCoal also announced that it will increase the offer price for all shareholders from A$16.00 to A$16.25 per share if PEAMCoal acquires relevant interests in at least 90% of Macarthur shares by 7:00 p.m. (Brisbane time) on 11 November 2011. PEAMCoal reserves the right to extend this date.
PEAMCoal has declared the increased offer price of A$16.25 per share (payable if PEAMCoal acquires relevant interests in at least 90% of Macarthur shares by 7:00 p.m. (Brisbane time) on 11 November 2011) to be final (in the absence of a superior or competing proposal). Reaching the 90% relevant interest threshold would allow PEAMCoal to compulsorily acquire all outstanding Macarthur shares.
PEAMCoal also announced that today it will free the offer from all conditions other than the 50.01% minimum acceptance.
"We are pleased that these shareholders have decided to accept our offer, which delivers full value to Macarthur shareholders," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "We look forward to transitioning to the next phase of Macarthur's future."
"With the latest positive developments, we now urge all Macarthur shareholders to accept our offer as soon as possible, in order to maximise their chances of receiving the increased offer price," said Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal.
CRH and CITIC Group holdings represent approximately 25.2% of Macarthur shares. They have informed PEAMCoal they intend to accept the PEAMCoal offer within the next 24 hours. Once these acceptances are processed, PEAMCoal will have a relevant interest in approximately 49.2% of Macarthur's shares, and PEAMCoal is confident that the only remaining condition of 50.01% acceptance will soon be satisfied.
PEAMCoal also will accelerate the payment terms under its offer. For accepting shareholders, PEAMCoal will now pay the A$16.00 per share cash consideration on or before the later of: