China's Yanzhou Coal on Thursday tabled a bid for Felix Resources, valuing the Brisbane-based coal miner at A$3.54 billion $2.98 billion.
Shandong-based Yanzhou is offering Felix shareholders A$16.95 per share in cash plus a dividend of A$1.00 per share, funded primarily from Felix's cash reserves. In case Felix does not have enough cash to pay the dividend, Yanzhou has guaranteed the payment. The dividend is payable in two equal tranches with the first declared along with the offer on Thursday and payable on October 30, to all shareholders registered on the books on October 15. The record date for the second tranche is not yet decided. Shareholders will also receive a distribution...
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