ST. LOUIS ( TheStreet) -- Peabody Energy ( BTU) raised its offer to acquire Australia's Macarthur Coal by 14% to 16 Australian dollars a share, or A$4.1 billion ($3.8 billion).

Peabody's offer tops an offer of A$14.50 for Macarthur from New Hope.

Peabody said its offer is for all cash and it remains "willing to provide any, or all, of Macarthur's three major shareholders with the opportunity to retain their economic interest in Macarthur should they so desire. "

Citic Group of China is Macarthur's largest shareholder with a stake of 22.4%, according to Bloomberg. ArcelorMittal ( MT) holds 16.6% and Posco ( PKX) has a stake of 8.3%.

Peabody, the U.S. coal miner, said Thursday the proposal will lapse if Macarthur proceeds with the shareholder vote scheduled Monday regarding a takeover of its smaller rival Gloucester Coal.

-- Reported by Joseph Woelfel in New York.

Follow TheStreet.com on Twitter and become a fan on Facebook.

More from Stocks

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says