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Contura Energy and Alpha Natural Resources announce amended and restated merger agreement

Coal News - Published on Fri, 28 Sep 2018

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Contura Energy Inc along with ANR Inc and Alpha Natural Resources Holdings, Inc announced that the companies have entered into an amended and restated merger agreement, providing an increase in merger consideration to Alpha stockholders and the payment of a special dividend by Alpha. The transaction, the amended terms of which have been unanimously approved by the boards of directors of all parties, is expected to close in the fourth quarter of 2018, subject to Alpha stockholder approval and the satisfaction of other customary conditions. Under the terms of the amended and restated agreement, Alpha stockholders will receive 0.4417 Contura common shares for each ANR, Inc. Class C-1 share and each share of common stock of Alpha Natural Resources Holdings, Inc. they own, representing approximately 48.5% ownership in the merged entity. Prior to the closing of the transaction, Alpha stockholders will also receive a special cash dividend in an amount equal to $2,725 for each Class C-1 share and each share of common stock of Alpha Natural Resources Holdings, Inc. they own.

Stockholders of Alpha, who collectively hold approximately 38% of the shares of common stock of Alpha Natural Resources Holdings, Inc. and approximately 35% of the shares of ANR, Inc. Class C-1 common stock, have entered into voting and support agreements, pursuant to which such stockholders have agreed to vote their shares in favor of the transaction, subject to the terms and conditions of the voting and support agreements.

Contura is being advised by Ducera Partners LLC, Davis Polk & Wardwell LLP, and Jefferies LLC. Alpha is being advised by Moelis & Company LLC and Katten Muchin Rosenman LLP. The Alpha Stockholders are being advised by Proskauer Rose LLP.

Contura Energy is a private, Tennessee-based coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies both metallurgical coal to produce steel and thermal coal to generate power.

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Posted By : Rabi Wangkhem on Fri, 28 Sep 2018
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