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U&D mines Endocoal shares

U&D mines Endocoal shares

U&D Mining Industry (Australia) Pty Ltd has made a $71 million takeover offer for 100 per cent of the issued shares of ASX-listed coal explorer and developer Endocoal.

Firms: Minter Ellison (U&D Mining Industry (Australia) Pty Ltd / Yima Coal Group); Gilbert + Tobin (Endocoal)

Deal: Takeover offer for issued shares of ASX-listed coal explorer and developer Endocoal

Area: Corporate E + R

Value: $71 million

Key players: The Minters team was led by partner Ben Liu (pictured), together with special counsel Fai-Peng Chen. Also involved were partners Brendan Clark, Theo Kindynis, Joseph Pace, associate Ryan Gawrych and senior associate Leigh Schultz

Deal significance: The transaction is by way of scheme of arrangement and includes an interim funding of $4 million provided by U&D. U&D Mining Industry (Australia) is 51 per cent owned by Yima Coal Group, a leading SOE coal producer from Henan, China, and 49 per cent owned by Daton Group Ltd, an ASX-listed fertiliser manufacturer. Endocoal is an ASX-listed Australian coal exploration and development company focused solely on the Bowen Basin, Queensland. With 11 tenements across approximately 5200 square kilometres, it has one of the largest landholdings in the Bowen Basin region. The offer has been recommended by Endocoal’s board of directors in the absence of a superior proposal and is subject to a report from an independent expert and to regulatory approval from authorities in Australia and the People’s Republic of China, including the National Development and Reform Commission (NDRC).

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