The total value to be received by Macarthur shareholders of up to A$15.66 per share represents a substantial premium of:
- 41% to A$11.08 per share, the closing price on July 11, the day Peabody and ArcelorMittal's approach was disclosed to the market;
- 44% to A$10.85 per share, the 15-day VWAP to July 11;
- 45% to A$10.82 per share, the one-month VWAP to July 11;
- 38% to A$11.32 per share, the three-month VWAP to July 11; and
- 36% to A$11.50 per share, the price at which Macarthur raised equity in August 2010.
- This is an offer that is superior to Macarthur's relevant trading ranges, not only in its recent trading history, but over an extended time frame.
- The bid fully recognises Macarthur's existing operations and growth prospects.
- The deal protection measures to which Macarthur refers are, in fact, quite customary.