TerraCom confirms Universal offer

South Africa-focused coal miner Universal Coal has maintained its advice that shareholders not respond to an unsolicited offer from fellow-listed TerraCom, after the suitor on Wednesday lodged a formal offer document.

TerraCom on Wednesday confirmed its offer for 33.5c a share for each of the Universal shares held, consisting of 10c in cash and 0.6026 new TerraCom shares.