Hong Kong-based commodity trader Noble Group has increased its offer for Australian miner Gloucester Coal Ltd by 17% to A$572M ($429M).
Noble raised its offer to A$7 a share from the A$6 a share it had bid previously for the 78.3% it did not already own in Gloucester. Noble said its latest offer was conditional on Gloucester's bid for Whitehaven Coal Ltd not proceeding or otherwise lapsing or being withdrawn.
Gloucester's independent directors have unanimously recommended that Gloucester shareholders accept the increased Noble offer in the absence of a superior offer, after forming the view that Noble's proposal is more in the interests of Gloucester's shareholders than Gloucester's bid for Whitehaven.
