CHARLESTON, W.Va. – Massey Energy Co. says it has offered families of the 29 miners killed in last year's West Virginia coal mine explosion $3 million each to settle their claims.
The detail is contained in a regulatory filing ahead of a proposed buyout by rival Alpha Natural Resources. It's the first confirmation from the company on the size of its settlement offers.
The document also details how Massey held out for months before accepting a $7.1 billion buyout from Alpha. Massey ultimately secured a sweetened offer of 1.025 shares of Alpha stock plus $10 in cash for each of its shares.
Massey and Alpha filed the proxy statement with the Securities and Exchange Commission on Friday. It seeks shareholder support in June 1 voting for the deal.