Whitehaven Coal has rejected a takeover approach from its largest shareholder, Mr Nathan Tinkler, saying the offer was incomplete and conditional.

Whitehaven said ‘‘The proposal is highly conditional and incomplete and is not considered capable of being progressed at this time.”

The company added that there was a possibility a ‘more complete’ proposal would emerge and established a committee of directors to respond to any future offers.

Whitehaven, valued at AUD 4 billion, became Australia’s largest listed coalminer in April when it took over Mr Tinkler’s Aston Resources and Boardwalk Resources.

Source - The Age

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