Peabody Energy Corp. (NYSE: BTU) reported Wednesday that it has issued $3 billion takeover bid for Australia's Macarthur Coal Ltd., according to Associated Press.
However, the Australian company said the offer was too low.
Macarthur operates two coal mines in northeastern Queensland state and is planning two more that would double its production within five years.
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It said Peabody made a conditional, nonbinding bid of 13 Australian dollars per share, valuing the company at about AU$3.3 billion ($3 billion).
Macarthur said in a statement that the board of directors believed the Peabody offer undervalued the company and was not in the best interests of shareholders.
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