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Ranger, the acquisition arm of Appalachian industry asset businessman Jim Justice, said in September it would purchase the operator for $US1 per share cash.
National said Friday that the transaction was expected to close December 15, at which time the company will become a wholly owned subsidiary of Ranger Energy and will cease stock trading.
The consideration per share was a 54% premium to National Coal’s September 27 closing price of 65c.
In April, Ranger acquired some of National’s assets in Devonia, Tennessee, and on its New River Tract site.
