Optimum Coal Holdings Ltd the target of a potential takeover by a group led by Glencore International Pl said an unidentified alternative bidder has withdrawn its interest in taking over the company.

Optimum commented in a statement after Piruto BV a unit of Glencore, increased its stake in the South African coal producer to 25.8% from 24.7%.

Piruto paid an average of ZAR 37.99 (USD 5.22) a share in its latest purchase, Optimum said that almost 12% higher than the initial cash bid of ZAR 34 proposed September 1.

Glencore, which intends to make any formal offer for South Africa’s fourth largest coal exporter with its black empowerment partner Cyril Ramaphosa said last week it had agreements that may take its Optimum holding to 43.5%.

(Sourced from Bloomberg)