Stanmore Coal Ltd on Thursday said that Winfield Energy had decided to scrap its proposed takeover of the company as the Brisbane-based miner failed to engage with key shareholders, causing Stanmore’s shares to drop more than 6%.
Both companies had entered a process deed in August after Winfield’s offer, which valued Stanmore at up to A$435 million ($293.93 million).
Stanmore was set to be Winfield’s second coal buy this year, with the privately backed firm having bought a 12.5% stake in Queensland’s Rolleston thermal coal mine in February.
Source: Reuters.com