Hong Kong-based commodities trader Noble Group has declared its takeover offer for Gloucester Coal Ltd final and dropped a condition that Gloucester's merger with Whitehaven Coal does not proceed.
The merger plans were scrapped on Monday after Gloucester recommended a sweetened bid from Noble of $7 per share, up from $6 per share.
Noble already hold a stake of 21.67 per cent in Gloucester, so the revised offer values the 78.3 per cent interest it does not already own at about $572 million.
"Noble intends to buy shares on market up to the offer price," it said on Tuesday.
Source: The Age, Melbourne
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