Shares of MC Mining (ASX:MCM) surged significantly, rising by as much as 10.3% to reach A$0.160.

This increase comes as MC Mining’s most considerable intraday percentage gain since November 3, 2023.

The stock’s ascent touched its highest levels since November 16.

The remarkable rise followed the revelation that the coal miner received a non-binding indicative takeover offer from Vulcan Resources.

This offer price ranges between A$0.17 per share and A$0.20 per share.

The lower end of the offer price signals a 17.2% premium on the company’s last closing figures.

Despite the surge, the stock recorded a 3.3% decline year-to-date, calculated based on its last close.

MC Mining (ASX:MCM) is a coal mining company headquartered in Australia.