ASX-listed coal miner Universal Coal has urged shareholders not to take any action around a proposed takeover offer from fellow-listed TerraCom.
TerraCom earlier this week announced its intentions to buy the South Africa-focused Universal for A$175-million, offering Universal shareholders 10c in cash and 0.6062 of its own shares for every Universal share held.
The offer valued Universal shares at 33.5c each, and represented a premium of 42.6% to Universal’s last closing price.