Arch Coal completes tender offer for ICG stock
Arch Coal says it's completed a $14.60 per share tender offer for stock in rival International Coal Group.
The offer closed Tuesday and Arch says it expects to complete the acquisition of Scott Depot-based ICG Wednesday. Arch offered to buy ICG for $3.4 billion in May.
Arch says ICG shareholders tendered nearly 188 million shares in the offer. It intends to purchase additional shares from ICG to push its ownership stake above 90 percent, enabling the deal to close.
St. Louis-based Arch hopes acquiring ICG will allow it to exploit growing demand for high-priced coal used to manufacture steel. Arch says the combined companies would be the nation's second largest supplier of metallurgical coal.