ST. LOUIS and SCOTT DEPOT, W.Va., June 1, 2011 /PRNewswire/ -- Arch Coal, Inc.
(NYSE: ACI) ("Arch") and International Coal Group, Inc. (NYSE: ICO)
("ICG") today announced that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
(the "HSR Act"), for Arch's pending acquisition of ICG expired on
May 31, 2011. Expiration
of the waiting period under the HSR Act satisfies one of the
conditions necessary for the consummation of the tender offer.
Consummation of the tender offer remains subject to other
customary conditions, including the tender of a majority of the
outstanding shares of ICG's common stock on a fully diluted
basis.
The tender offer to acquire all of the outstanding shares of ICG
common stock at a price of $14.60 per
share in cash, without interest and less any required withholding
taxes, is scheduled to expire at 8:00
a.m., New York City time,
on June 14, 2011, unless the tender
offer is extended or earlier terminated in accordance with the
rules and regulations of the Securities and Exchange Commission and
the merger agreement governing Arch's pending acquisition of
ICG.
About Arch Coal
U.S.-based Arch is one of the world's largest coal producers,
with more than 160 million tons of coal sold in
2010. Arch's national network of mines supplies
cleaner-burning, low-sulfur coal to customers on four continents,
including U.S. and international power producers and steel
manufacturers. In 2010, Arch achieved record revenues of
$3.2 billion. For more
information, visit www.archcoal.com.
About International Coal Group
ICG is a leading producer of coal in Northern and Central
Appalachia and the Illinois Basin. ICG has 13 active
mining complexes, of which 12 are located in Northern and Central
Appalachia and one in Central Illinois. ICG's mining
operations and reserves are strategically located to serve utility,
metallurgical and industrial customers domestically and
internationally.
Important Additional Information
This announcement is for informational purposes only and is
neither an offer to purchase nor a solicitation of an offer to sell
securities. Arch has filed with the Securities and Exchange
Commission (the "SEC") a tender offer statement on Schedule TO
on May 16, 2011, as amended through
the date of this release. ICG filed a tender offer
solicitation/recommendation statement on Schedule 14D-9 with
the SEC on May 16, 2011, as amended
through the date of this release. The tender offer
statement (including an offer to purchase, a related letter of
transmittal and other tender offer documents) and the
solicitation/recommendation statement contain important information
that should be read carefully before making any decision to tender
securities in the tender offer. ICG stockholders may
obtain a free copy of these materials (and all other tender offer
documents filed with the SEC) on the SEC's website:
www.sec.gov. The Schedule TO (including the offer to
purchase and related materials) and the Schedule 14D-9
(including the solicitation/recommendation statement) may also be
obtained for free by contacting Innisfree
M&A. Stockholders may call toll free (877)
717-3922. Banks and brokers may call collect (212)
750-5833.
Forward-Looking Statements: This press release
contains "forward-looking statements" – that is, statements related
to future, not past, events. In this context, forward-looking
statements often address our expected future business and financial
performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," or "will."
Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. For us, particular
uncertainties arise from changes in the demand for our coal by the
domestic electric generation industry; from legislation and
regulations relating to the Clean Air Act and other environmental
initiatives; from operational, geological, permit, labor and
weather-related factors; from fluctuations in the amount of cash we
generate from operations; from future integration of acquired
businesses; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements.
We do not undertake to update our forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by law. For a description of some
of the risks and uncertainties that may affect our future results,
you should see the risk factors described from time to time in the
reports we file with the SEC.
SOURCE Arch Coal, Inc.; International Coal Group, Inc.
