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Western Coal and Walter Energy Discuss Purchase Agreement
Practices
Paul, Weiss client Western Coal Corp., a producer of high-quality metallurgical coal and compliant thermal coal, announced yesterday that it has entered into an exclusivity agreement with Walter Energy, Inc., a leading U.S. producer and exporter of premium hard coking coal for the global steel industry. The companies have agreed to work exclusively with each other for up to 14 days toward the negotiation of a definitive agreement whereby Walter Energy would acquire the outstanding common shares of Western Coal for CAD$11.50 per share for a total consideration of approximately CAD$3.3 billion (US$3.2 billion). The proposed value represents a premium of 55.8% over Western's closing price yesterday of $7.38 on the Toronto Stock Exchange.
The Paul, Weiss team providing U.S. counsel to Western Coal included corporate partners Matthew Abbott, Ted Maynard and Bob Schumer.