Universal considering offer from Afrimat

South Africa focused coal miner Universal Coal has received a conditional, non-binding indicative counter offer from JSE-listed Afrimat to rival a previous offer from a consortium headed by Ata Resources.

Universal on Monday reported that Afrimat was proposing to acquire all the shares in the company for a cash offer of 40c each, subject to the completion of a due diligence, financing and board and shareholder approval. Universal has also received a revised offer from Ata, in terms of which it had raised its offer from 35c a share, to 36c a share.