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BRIEF-Universal Coal Responds To Terracom's Announcement Of An Unsolicited Bid

Published 06/02/2020, 01:10 pm
Updated 06/02/2020, 01:15 pm
© Reuters.  BRIEF-Universal Coal Responds To Terracom's Announcement Of An Unsolicited Bid
UNV
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Feb 6 (Reuters) - Universal Coal PLC UNV.AX :

* RESPONDS TO TERRACOM'S ANNOUNCEMENT OF AN UNSOLICITED BID

* NO FORMAL OFFER HAS BEEN MADE TO UNIVERSAL'S SHAREHOLDERS

* NOTES THAT TERRACOM HAS NOT YET PUBLISHED AN OFFER DOCUMENT IN CONNECTION WITH POSSIBLE OFFER TO BUY REMAINING SHARES IN CO

* BID COMMITTEE CURRENTLY CONSIDERS PROPOSED TERMS IN TERRACOM ANNOUNCEMENT TO BE INADEQUATE AND INCOMPLETE

* BID COMMITTEE CONCERNED THAT IMPLIED OFFER PRICE MAY SIGNIFICANTLY UNDERVALUE CO

* BID PANEL CONCERNED IMPLIED OFFER PRICE DOES NOT TAKE INTO ACCOUNT CO'S NEAR-TERM GROWTH PROFILE

* REMAINS FOCUSED ON DELIVERING ON BUSINESS PLAN AS AN INDEPENDENT ENTITY

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