PERTH (miningweekly.com) – South Africa-focused coal miner Universal Coal on Friday announced that it would discontinue its legal proceedings in the High Court of Justice of England and Wales in relation to an unsolicited bid from fellow-listed TerraCom, after the suitor announced that it had achieved just over 90% of the voting rights attached to Universal shares.
TerraCom on Friday said that it would now proceed to a mandatory sell-out process in accordance with the UK Companies Act, and would cause Universal to apply for a de-listing from the ASX.
Universal has urged its remaining shareholders to exercise their rights under the Act to require TerraCom to acquire their shares in the takeover target.