Peabody Energy (NYSE:BTU) and ArcelorMittal (NYSE:MT) submit a proposal to acquire Macarthur Coal. The company confirmed they have jointly submitted an indicative proposal to the board of directors of Macarthur Coal to acquire all of the shares of the company.Under the proposal, Macarthur shareholders would be offered a cash price of A$15.50 per share through an off-market takeover offer. The new company will be 60% owned by Peabody and 40% owned by ArcelorMittal.Peabody Energy has a potential upside of 34.8% based on a current price of $57.66 and an average consensus analyst price target of $77.72.