Peabody Energy Corp. (BTU) and ArcelorMittal (MT) are pushing ahead with a A$4.7 billion bid for Australian coal producer Macarthur Coal Ltd. (MCC.AU), opening the offer for acceptances Thursday.

Macarthur sent a letter to shareholders Wednesday urging them to take no action, and described the offer as an opportunistic attempt to buy the company "at a time of global economic volatility and regulatory uncertainty in Australia."

It reiterated that its board has held continuing discussions with other unnamed parties that have expressed an interest in Macarthur.

Peabody and ArcelorMittal through the PEAMCoal Pty Ltd. joint venture to be owned 60%-40% have offered A$15.50 a share and said Macarthur shareholders will be able to retain any dividend up to A$0.16 a share declared by Macarthur for the year ended June 30.

"Macarthur shareholders now have a clear opportunity to accept the PEAMCoal offer at a price that gives full credit to the state of Macarthur's current operations and development projects," Peabody Chief Executive Gregory Boyce said in an emailed statement.

The offer is scheduled to close Sept. 20 unless extended.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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