Queensland based coal miner Endocoal has announced it will accept a $71 million takeover bid from a Chinese joint-venture.


The bid was made through a 38c per share offer by U&D Mining, an investment vehicle run by China Yima Coal group and Daton Group Australia, marking a 65.2 per cent premium to the company’s last traded price of $0.38 a share.


"Yima sees Australia as an important supplier of coal and pivotal to its international strategy. This transaction demonstrates the conviction of its strategy to establish its coal operations in Australia,” Endocoal said in a statement.


The deal is subject to regulatory approval from both Australia and China.