Subscribe to RSS feedGloucester appoints PwC to advise on sale and merger
Gloucester Coal has appointed PricewaterhouseCoopers to advise on the merits of Noble Group's $6 a share offer for the company as well as its proposed merger with Whitehaven Coal.
Commodity trader Noble Group increased its offer for Gloucester Coal on May 5 from an original bid of $4.85 a share in an effort to foil Gloucester's planned scrip merger with publicly-listed Whitehaven Coal.
In February, Gloucester Coal said a merger with Whitehaven Coal would create benefits such as "combined reserves of 190m tonnes and 922m tonnes of resources".
Gloucester Coal, an Australian listed miner, sold 516,000 tonnes of coal in the three months ended March 31, a 13% increase from the corresponding period last year.
Gloucester Coal's shares dipped 19c, or 3.2%, to $5.73 in early trading on the Australian Securities Exchange this morning.
The company has a market capitalisation of $468m.
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