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SINGAPORE: Mainboard-listed commodities firm Noble's unit Gloucester Coal said on Thursday that its independent directors have recommended that shareholders accept a takeover offer by Macarthur Coal.
The independent directors confirmed their recommendation that Gloucester shareholders accept the Macarthur offer in the absence of a superior proposal.
Under the takeover offer, Gloucester Shareholders will receive 0.84 Macarthur shares for each Gloucester share.
Alternatively, they can receive 8 Aussie dollars in cash for each Gloucester share.
Noble, which has an 87.7 per cent stake in Gloucester had struck a deal with Macarthur to sell Gloucester. - 938LIVE/vm
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