The world's largest listed miner and steelmaker have agreed terms to carry out due diligence in their US$5.03 billion joint takeover offer for Australian pulverized coal miner Macarthur Coal Ltd. (MCC.AU), the target said Thursday.

Peabody Energy Corp. (BTU) and ArcelorMittal's (MT) joint bidding venture said that if it made a bid in the next 12 months, it wouldn't offer less than A$15.50 per share without the express consent of Macarthur's board.

In addition, "up to 16 cents per share of any final dividend for fiscal 2011 declared by the Macarthur board will not be deducted from the offer price," the company said.

The initial announcement of the offer Monday suggested an indicative price of A$15.50 less the value of Macarthur's final dividend.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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