British coal miner, UK Coal, said on Tuesday that it is in the early stages of investigating a merger proposal that could address the group's exposure to the volatile performance of its deep mines.
The statement came following a report in the Daily Mail that said that Peel Holdings, which holds a 28.3% stake in UK Coal, is working on a cash offer for the rest of the company’s shares.
UK Coal, which was formed out of the remains of the country's nationalied coal industry said it is not aware of any proposal for a cash bid.
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