Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Fallen AIM star Coal of Africa (CZA) is making an agreed bid worth some A$126 million (£59 million) for Aussie-listed Universal Coal in a deal which, if it goes through, would give the South African-focused company immediate production and a significantly expanded project portfolio. CoAL, as the Australian-headquartered company styles itself, is offering 20 Australian cents cash or 25 cents-worth of a non-convertible loan note for each Universal share, thus significantly outbidding an existing unwelcome suitor, South African group Ichor Coal, which is a 29.9% shareholder and has already made an A$80 million hostile cash bid at 16 cents a share.
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