Peabody Energy has lowered the value of its takeover proposal for Queensland-based MacArthur Coal in response to the 40% super-profit resource tax proposed by the Government of Australia.

According to the revised offer, Macarthur shareholders would receive A$15 ($13) in cash for each share taking the total value of the company to A$3.8bn ($3.4bn).

The revised bid is less than an earlier offer of A$16 ($14) per Macarthur share, which valued Macarthur at A$4.069bn ($3.6bn).

The Australian Government’s proposed tax has generated widespread criticism from resources companies leading BHP Billiton and Rio Tinto to review their expansion plans and new projects.

The takeover bid, by way of a scheme of arrangement, would require the approval of 75% of shares, Macarthur said.