Peabody Energy and ArcelorMittal Submit Proposal to Acquire Macarthur Coal for A$15.50 per Share

Peabody Energy BTU and ArcelorMittal SA MT earlier today confirmed that they have jointly submitted an indicative proposal to the board of directors of Macarthur Coal Ltd. to acquire all of the shares of the company. Under the proposal by a newly formed company, owned 60 percent by Peabody and 40 percent by ArcelorMittal, Macarthur shareholders would be offered a cash price of A$15.50 per share through an off-market takeover offer. The new company has a relevant interest of approximately 16 percent in Macarthur's shares. The proposal price implies a value for the equity in Macarthur of approximately A$4.7 billion and represents a substantial premium to recent trading.