The opportunistic bid for Australian semi-soft producer Stanmore Coal by Indonesia's Golden Investments is expected to be rebuffed on valuation grounds, with analysts and shareholders deeming the A$0.95 ($0.69) per share offer undervalues the company. Earlier this week, Stanmore said it had received an unsolicited bid by Golden Investments, a group comprising Indonesia's Golden Energy and Resources (GEAR) and Singapore-based Ascend Global Investment Fund, with GEAR already acquiring a 19.9% stake in Stanmore from existing substantial shareholder Sprint Capital.
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