CoAL extends offer for Universal Coal

June 20, 2016

Responsive image

Coal of Africa (CoAL) has extended the offer period for its takeover in order to ensure the combined company is “financially in a position to advance its combined prospects”, the company said in a statement.

The new closing date for the offer will now be 15 July.

The company already has in place subscription agreements amounting to US$23 million to finance the cash payable under the offer. However, it is continuing to work with a number of third parties to progress potential working capital funding opportunities.

Shareholders holding about 94.25% of Universal’s stock have now accepted CoAL’s offer.

Edited by .

Category: Coal