Arch Coal says it's completed a $14.60 per share tender offer for stock in rival International Coal Group.
The offer closed Tuesday and Arch says it expects to complete the acquisition of Scott Depot-based ICG Wednesday. Arch offered to buy ICG for $3.4 billion in May.
Arch says ICG shareholders tendered nearly 188 million shares in the offer. It intends to purchase additional shares from ICG to push its ownership stake above 90 percent, enabling the deal to close.
Arch Coal has cleared a key regulatory hurdle facing its proposed $3.4 billion takeover of rival International Coal Group.
Scott Depot-based ICG and St. Louis-based Arch announced Wednesday that the the antitrust waiting period under U.S. law has expired. That satisfies one condition for the deal to close.
Arch agreed to buy ICG on May 2 and has since started a $14.60-a-share tender offer. The offer expires June 14.
Arch Coal Inc. says it's started $14.60 a share tender offer for rival International Coal Group.
Arch says the offer that started Monday expires June 14.
The St. Louis-based coal industry giant agreed to buy ICG for $3.4 billion May 2.
The deal is designed to exploit growing demand for high-priced coal used to manufacture steel. Arch says the combined companies would be the nation's second largest supplier of metallurgical coal.
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