The Queensland focused coal mining company scored a $60 million unsolicited bid from Wealth earlier this month comprising of $0.42 per share. 

 

The Chinese coal miner already has an 11.06 per cent stake in Carabella and has since sweetened its bid to $0.455 per share. 

 

The Board of Carabella have unanimously recommended shareholders accept the revised offer, in the absence of a superior proposal. 

 

Both companies have entered into a bid implementation agreement and Carabella expects to issue its target’s statement by the end of next week. 

 

Carabella Resources reported a net loss of $8 million in the 2013 financial year.