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Winfield withdraws takeover bid for Stanmore Coal

Stanmore Coal Ltd. said Oct. 17 that Winfield Group Investments Pty. Ltd. dropped a bid to fully acquire the company.

In August, Winfield, a private Australian company owned by former Peabody Energy Corp. executives, offered to take over Stanmore at between A$1.50 and A$1.70 per share. The transaction was conditional on a minimum acceptance of 50.1%.

But Winfield was unable to engage with key shareholders of Stanmore to make the bid successful, according to the release. Stanmore's shares sunk almost 6% on ASX market close after the news.

In November 2018, Stanmore turned down a A$225 million takeover offer from Golden Investments (Australia) Pte. Ltd.