Indonesia’s Golden Energy makes $240 mln takeover bid for Australia’s Stanmore

11/21/2018 9:58:00 AM (GMT)

Indonesian coal producer Golden Energy and Resources’ subsidiary, Golden Investments, has announced a $240 million takeover bid for Australian peer Stanmore Coal.

Golden Investments is bidding 95 cents for each Stanmore share, a 14.5 percent premium on the target’s five-day weighted average price prior to receiving the offer.

Stanmore Coal’s share price moved positively following the offer, finishing yesterday’s trading higher than the Golden Investments bid at 98.5 cents.

Golden Investments expects that its offer is attractive and provides Stanmore shareholders with immediate value.

Stanmore Coal

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