Massey Reportedly Weighs at Least 2 Bids
RICHMOND, Virginia (TheStreet) -- Massey Energy (MEE) is weighing more than two takeover offers, the Wall Street Journal reports, but the coal miner has yet to start a formal auction process.
Massey's board met Monday to discuss an offer it received from Alpha Natural Resources (ANR). Other companies, including steel giant ArcelorMittal (MT) also have expressed an interest in acquiring Massey, the Journal reports.
Massey directors "are not near a decision point" about whether to sell the company or acquire another business, Chairman Bobby Inman told the Journal, following Monday's board meeting.
Bloomberg reported earlier this month that Massey was exploring options ranging from a sale of the company to a takeover of International Coal Group (ICO).
But because of their current focus on would-be buyers, Massey officials "are not in any talks" right now with International Coal, a person familiar with the situation told the Journal. However, the person said Massey has received "multiple requests" from companies that want to be acquired by the coal company. -- Written by Joseph Woelfel>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.
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