TerraCom increases voting rights in Universal

ASX-listed TerraCom’s unsolicited bid for South Africa-focused coal miner Universal Coal has continued to gain traction, with TerraCom announcing on Wednesday that it held voting rights to over 60% of Universal’s shares.

Universal earlier this week released an independent expert assessment of TerraCom’s 33.5c a share offer for Universal, which consists of 10c in cash and 0.6026 new TerraCom shares for each Universal share held. The independent expert declared that the offer was neither fair nor reasonable, with Universal maintaining that shareholders should reject the offer.