Peabody’s (BTU) management sure knows how to screw with shareholder opportunity and value. The latest from the rumor mill is they’re eyeing a merger with Coronado (CRN.AX). This is reported from The Australian, and is cited as speculation but then goes on to name the advisors at the bottom of the article. This makes me believe a potential deal has progressed beyond mere speculation.
Apparently Coronado’s private equity majority owner, Energy and Minerals Group, is looking for an exit. And this merger would also provide Elliott Management, BTU’s private equity majority owner, a way to “take some money off the table.”
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