Macarthur rejects Peabody’s $3.3 billion takeover offer

MELBOURNE (BestGrowthStock) – Australian miner Macarthur Coal (MCC.AX: ) on Tuesday rejected a trimmed $3.3 billion takeover offer from U.S. miner Peabody Energy (BTU.N: ), saying it undervalued the company and failed to attract its top two shareholders.

It was the fourth bid from Peabody, which is eager to buy Macarthur for its pulverized coal, a cheaper, cleaner coal coveted by steel makers..

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(Reporting by Sonali Paul; Editing by Ed Davies)

Macarthur rejects Peabody’s $3.3 billion takeover offer