Several weeks after analysts tipped it, Nathan Tinkler has launched a takeover for NSW-focused Whitehaven Coal, one of the country's last independent coal producers.
In a statement on Friday Whitehaven said Tinkler Group had offered $5.20 a share for the takeover.
The company said it was in the "best interests" of shareholders to let Tinkler Group conduct due diligence and develop its proposal, and in the four week timeframe Whitehaven had agreed "not to solicit other proposals".
While several high profile Whitehaven shareholders remain uncertain of the proposal the company said some key shareholders had already expressed interest in the deal.
The $5.20 offer is midway between analyst predictions, with Bloomberg previously tipping over $5 and Foster Stockbroking tipping north of $5.50.
Tinkler Group already owns 21.6 per cent of Whitehaven and Tinkler has eyed a potential takeover since early this year.
If Tinkler succeeds Whitehaven will be taken off the ASX and turned into a private company.