This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Alpha Natural Resources(ANR - Get Report) is a supplier and exporter of metallurgical coal used in steel making and thermal coal to electric utilities and manufacturing industries in the U.S. It has coal production capacity of greater than 90 million tons a year.
In January, Alpha Natural announced it would acquire
Massey Energy, a coal producer with operations in Virginia, West Virginia, and Kentucky for a total consideration of $8.2 billion in a stock and cash deal, according to data compiled by
Bloomberg. Under the agreement, MEE stockholders were to receive 1.025 shares of Alpha common stock and $10.00 in cash for each share of Massey common stock they owned.
At the time, the offer represented a 21% premium to Massey's share price.
Massey's revenue from the merger date included in the condensed consolidated statements of income was $811.4 million and $1.14 billion for the three-month period and nine-month period ended September 2011, respectively.
Of the 27 analysts covering the stock, 70% rate Alpha a buy. On average, analysts polled by
Bloomberg expect the stock to gain an average of 74.5% to $36.17 in the coming 12 months.