Macarthur Coal Ltd. (MCC.AU) on Tuesday rejected a A$3.8 billion takeover offer from Peabody Energy Corp. (BTU), which it said was opposed by its biggest shareholder and was unlikely to succeed.

Peabody last week lowered its initial offer pitched at A$16 per Macarthur share to A$15 a share after carrying out due diligence and factoring in the potential impact of the Australian government's proposed 40% Resource Super Profits Tax.

"The Macarthur board has met today and considered Peabody's further proposal and formed the view that based on the price and the conditions of the proposal, that it cannot reasonably be recommended to shareholders," Macarthur said.

The Brisbane-based miner said the takeover by scheme of arrangement was unlikely to be approved by shareholders, with Macarthur's largest shareholder, Citic, advising that the terms of the offer weren't acceptable.

-By Alex Wilson, Dow Jones Newswires: 613-9292-2094; alex.wilson@dowjones.com
Citic Resources (PK) (USOTC:CTJHY)
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