Gloucester Coal Agrees With Macarthur Coal To Terminate Bid Implementation Deal - Quick Facts

Gloucester Coal Ltd. (GCL.AX) said it has mutually agreed with Macarthur Coal Ltd. (MACDF.PK,MCC.AX) to terminate the bid implementation agreement or BIA entered into by them on December 22, 2009.

Both Gloucester and Macarthur agree that the Macarthur bid for Gloucester would not succeed in its current form. The bid is due to expire on May 27, 2010, but Gloucester understands that Macarthur plans to apply to ASIC for ASIC's consent to Macarthur withdrawing all unaccepted offers. In the circumstances, Gloucester has no objection to the offers being withdrawn.

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