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ACE takeover offer is best option

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World Coal,

To overcome serious challenges that threaten the firm, coal miner Asia Resource Minerals has announced that an offer from Asia Coal Energy Ventures to buy the company and restructure its debt is its preferred option.

Troubled by boardroom disputes and tumbling coal prices, Indonesia-focused ARMS has been is at the centre of a battle for control between its co-founder, financier Nathaniel Rothschild, and Asia Coal Energy Ventures (ACE).

ACE made an offer which values the company at US$156.0 million but which has to satisfy a series of conditions.

"If the conditions to the ACE Offer and ACE recapitalisation are satisfied, and they proceed to a successful conclusion, they appear a better option for the company at this stage," the company said in a statement.

Edited from source by Joseph Green. Source: Reuters

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