MELBOURNE, Australia ( TheStreet) -- Rio Tinto ( RIO) and Japan's Mitsubishi offered Monday to buy the shares they don't already own in Coal & Allied Industries, Australia's sixth-largest coal miner, for 122 Australian dollars ($126.50) a share. The offer values Coal & Allied at about A$10.6 billion ($11 billion). Rio Tinto is Coal & Allied's largest shareholder. It currently holds 75.71% of Coal & Allied shares. Mitsubishi holds 10.2%. The bid for Coal & Allied follows a bid earlier this month by Peabody Energy ( BTU)and ArcelorMittal ( MT) to acquire Australia's Macarthur Coal for A$4.7 billion. The board of Macarthur Coal, the world's largest producer of pulverized coal product that is used to make steel, rejected the bid, calling it "opportunistic." -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.