New details released on major coal company merger

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An amended agreement to merge Alpha Natural Resources and Contura Energy was announced on Thursday, Sept. 27, 2018.  The initial agreement between the companies was made in April.  The two coal companies have operations in West Virginia, Virginia and Pennsylvania.  

The merger was unanimously approved by the boards of directors for both companies.  It is expected to be finalized in the fourth quarter of 2018.  It must sill be approved by Alpha stockholders and satisfy other customary conditions.

As a part of the agreement between the two companies, Alpha stockholders will receive shares in Contura stock for each share of Class C-1 stock they hold with Alpha.  There will also be a special cash dividend issued.  That amount is $2.725 per share of Class C-1  and common stock they hold.

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