Noble Group Ltd (“Noble”) today announced that it proposes to increase its cash offer for Gloucester Coal (“Gloucester” – ASX:GCL) to $7.00 per share. The proposal is conditional on:
Gloucester's bid for Whitehaven not proceeding or otherwise lapsing or being withdrawn;
Gloucester announcing that:
the independent directors of Gloucester have formed the opinion, reasonably formed in good faith and for a proper purpose based on their fiduciary duties, that Noble's proposal is more in the interests of Gloucester's shareholders than Gloucester's bid for Whitehaven; and
as a result the Gloucester bid for Whitehaven will not proceed unless Noble's bid lapses or does not otherwise proceed.
Gloucester's bid for Whitehaven not proceeding or otherwise lapsing or being withdrawn;
Gloucester announcing that:
the independent directors of Gloucester have formed the opinion, reasonably formed in good faith and for a proper purpose based on their fiduciary duties, that Noble's proposal is more in the interests of Gloucester's shareholders than Gloucester's bid for Whitehaven; and
as a result the Gloucester bid for Whitehaven will not proceed unless Noble's bid lapses or does not otherwise proceed.
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