American Resources gains after rejecting unsolicited bid for Carbon unit

American Resources

28/06/2023 14:11

** Shares of coal supplier American Resources  AREC.O  up
8.7% at $1.99 premarket
    ** Co says it has rejected an unsolicited offer of $260 mln,
including debt and royalties, from an unnamed entity for its
metallurgical carbon unit American Carbon 
    ** AREC says the proposal has not been accepted due to the
duration and structure of consideration payments
    ** Says co remains open to sale, lease or expansion of
production from its metallurgical carbon assets 
    ** Up to last close, stock is up 38.7% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))