AUSTRALIA'S New Hope today said it had not received a suitable takeover proposal despite months of negotiations, and was therefore ending the formal sales process.
"With the conclusion of this process, the board and management will continue to focus on New Hope's strategy to grow the company and to create shareholder value," the coal producer said in a statement to the Australian Securities Exchange.
New Hope, which has a market value of about $4.7 billion, said in early October 2011 that it had launched a formal bid process, after having received a number of preliminary proposals from unnamed parties.
It said that suitors had been conducting due diligence up to yesterday, but the discussions hadn't produced a definitive offer that reflected New Hope's value and growth prospects.
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