Noble subsidiary furthers Gloucester Coal acquisition

Gloucester's bid to acquire 50% of Middlemount coal assets would not affect Osendo's offer.

Noble Group subsidiary Osendo has advanced its takeover of ASX-listed Gloucester Coal by declaring its bid free from defeating conditions.

Gloucester CFO Neil McKenzie told eligible shareholders in a letter on Monday that they could accept the offer.

In April, Noble, through Osendo, made an off-market takeover bid for Gloucester, offering A$12.60 (S$15.95) in cash for every Gloucester share held. Gloucester directors subsequently recommended that shareholders accepted the Noble offer, in the absence of a superior proposal.

By the end of September, Osendo had acquired 59.87% of the issued share capital of Gloucester.

The Osendo takeover offer would not be affected by the Middlemount negotiations between Gloucester and Noble, under which Gloucester was seeking to acquire 50% of the Middlemount coal assets, in Queensland.

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