Thai Coal Miner Banpu To Make Tender Offer For Hunnu Coal At A$1.80/Share

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Thai coal miner Banpu PCL (BANPU.TH) said Monday it plans to make a cash tender offer to buy the 88% of Australia-listed Hunnu Coal Ltd. (HUN.AU) it doesn't already own at A$1.80 a share.

Hunnu has several pre-development coal projects in Mongolia.

Hunnu's board has unanimously recommended that the company's shareholders accept Banpu's offer in the absence of a superior proposal, Banpu said in a statement to the Stock Exchange of Thailand.