While reluctant to delay the vote on the Gloucester transaction, Macarthur said on Friday it had received shareholder feedback that there was insufficient time to review all the information.
The company also revealed that an investment bank representing Xstrata had approached one of Macarthur’s substantial investors.
CITIC Resources and steelmakers ArcelorMittal and POSCO collectively own 47.4% of Macarthur.
The steelmakers are more concerned with security of metallurgical coal supply than profits from Macarthur shares, according to Mine Life senior resources analyst Gavin Wendt, who estimated a successful takeover offer could not be valued at less than $A20 a share.
Commodities trader Noble Group owns 87.8% of Gloucester and stands to gain a 20.7-24.6% stake in Macarthur from the scrip-based option of the Gloucester Coal transaction.
Noble is keen to see the deal go ahead, and said the merger of Macarthur and Gloucester was already supported by all major shareholders involved.
“It appears this vote is being delayed in response to rumours, hearsay and bids that are so qualified that even seasoned professionals have no idea what is really on the table,” Noble said.
“We are starting to wonder if we were the chumps to put a clear, straightforward bid on the table in a timely and responsible manner.”
However, Noble’s statement regarding the major shareholders has Macarthur seeking clarification this morning “as to whether they have made a decision as to how they will vote” on April 19.
Macarthur’s board has already rejected the $3.71 billion takeover proposal from New Hope as it offered no cash and the 2.7 New Hope shares for every Macarthur share was considered an inadequate premium.
The board previously rejected Peabody’s revised $3.56 billion cash offer valued at $14 per share.
But Macarthur’s uncertainty with its substantial shareholders caused it to announce this morning that it intends to write to Peabody and New Hope.
Macarthur will ask the companies if they are “aware of any other information which may be material to Macarthur’s shareholders’ decision” on whether they will approve the Gloucester transaction in the vote next week.
The company also tried to distance itself from media speculation that Xstrata might put forward a bid for Macarthur.
“Macarthur confirms that it has not received any such proposal and has no further knowledge about Xstrata’s intentions other than previously disclosed.”
Both New Hope’s and Peabody’s bids for Macarthur are conditional on the Gloucester transaction not going ahead.
If Macarthur’s takeover of Gloucester proceeds, Macarthur will control Gloucester’s operating Coppabella and Moorvale mines in Queensland’s Bowen Basin along with the Stratford and Duralie mines in the Gloucester Basin of New South Wales.
Macarthur also seeks to gain Noble’s stake in the Middlemount Coal joint venture under the Gloucester offer, with the Queensland company intending to kick off the stage 2 expansion of the mine in mid-2011.
Production capacity at the coking and pulverised coal injection coal mine is expected to double to 3.6 million tonnes per annum for the first year before reaching 5.4Mtpa for the next 19 years.
Macarthur’s run-of-mine production reached 5.79Mt in 2009 from its Coppabella and Moorvale mines, while Gloucester’s total ROM production was 1.51Mt.
Back in January, Macquarie Research analysts forecast Noble would eventually launch a full takeover play for Macarthur.
Macarthur shares are up 7.7% to $16.74 this morning.
