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Macarthur Coal Rejects New Hope Corporation's Revised Proposal - Quick Facts

Wednesday, Macarthur Coal Ltd. (MACDF.PK,MCC.AX) rejected a revised takeover offer from New Hope Corp. (NHPEF.PK, NHC.AX) under which New Hope would acquire all the shares in Macarthur by way of a scheme of arrangement.

Under the revised proposal New Hope is offering 2.7 of its shares for every Macarthur share or A$14.50 per share subject to a cap of A$ 950 million. Shareholders would have to elect to take all New Hope Shares or all cash.

The revised New Hope Proposal remains conditional upon a merger implementation agreement, Macarthur's takeover bid for Gloucester lapsing, the recommendation of Macarthur Board its shareholders

Macarthur said the revised offer does not represent an adequate premium for control of the company and it plans to proceed instead with a shareholder vote Monday on its own takeover offer for Gloucester Coal Ltd. (GCL.AX).

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