It’s official — National Coal Corp. shareholders on Thursday approved the sale of the Knoxville-based company to West Virgina businessman and coal baron Jim Justice.
Justice, who attended the University of Tennessee and graduated from Marshall University, will pay $1 per share, a 54 percent premium over National Coal’s closing price on Sept. 27, the day the sale was announced.
UPDATE: Links added for more news about West Virginia businessman Jim Justice.
National Coal Corp. has decided selling out is its best option.
The Knoxville-based coal company on Tuesday said it is being sold to Ranger Energy Investments LLC for $1 per share of common stock.
The proposed sale price represents a 54 percent premium on National Coal’s closing price of 65 cents per share on Monday.