The share price of coal developer Atrum Coal remained high on Friday, following Hancock Prospecting’s A$740-million takeover offer for Atrum’s unlisted neighbour, Riversdale Resources earlier this week.
Hancock Prospecting has announced an A$2.20 a share all cash offer for the unlisted Riversdale Resources, with the company prepared to increase its offer price to A$2.50 a share once its shareholding in Riversdale reached more than 50% before the close of the offer.