Behind Gloucester's friendly face

Gloucester's tie-up with Yanzhou will almost certainly need the support of the miner's independent directors, and here the transaction may not be as straightforward as it first appears.

At face value it would appear straightforward. A merger proposal with a big headline offer price that is enthusiastically supported by a 64.5 per cent shareholder ought to be smooth sailing. There is a subtext, however, to Gloucester Coal’s response to the overtures from China’s Yanzhou Coal that suggests Gloucester’s independent directors may not be quite as unconditionally enthusiastic about the deal as their majority shareholder.

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