The coal miner New Hope Corporation Ltd has placed a 193 million dollars cash takeover bid for the coal explorer Northern Energy Corporation Ltd.

The Northern Energy Corporation Ltd refused to the takeover offer but also said it would like to keep the talks going for another takeover bid. The New Hope has offered a bid of 1.50 dollars per share for the takeover which is a
42.9% premium to the closing price of Northern Energy on Wednesday of 1.05 dollars.

The shares of the target were placed in a trading halt on Friday and last traded at 1.115 dollars in the market.

According to a statement of New Hope the offered price for the coal explorer was highly compelling but the Northern Energy said the price offered by the New Hope was not correct as per the standard of the company.

After long discussion the board members of the Northern Energy informed about their refusal to the bid offer of the New Hope to the company but said to continue their talks with it. The Northern Energy has advised its shareholders not to take any action at this stage.