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IchorCoal launches offer for Universal Coal

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World Coal,

IchorCoal has officially launched its takeover attempt for Universal Coal with the release of its offer document.

The South African company had announced its plans to make an offer of AUS$0.16/share for the shares in Universal that it does not already own in August, valuing the company at AUS$80.9 million – an offer the Universal board described as “inadequate, highly conditional and opportunistic.”

In response, Ichor said the offer represented a “significant premium” on the 60-day weighted average price of Universal shares. Since the Ichor offer, however, Universal shares have jumped, closing at AUS$0.18 on 29 September.

The first closing date for the offer is 13:00 (London time) on 3 December 2015.

Edited .

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