The $4.7 billion takeover proposal dangled on Macarthur Coal by Peabody Energy and ArcelorMittal meets the minimal expectations of the world's largest coking coal miner but the firm maintains that considering more options is the best path so far in attracting its desire bid.

In a news briefing called by the company on Tuesday, Macarthur chief executive Nicole Hollows hinted that the offer pushed by Peabody and ArcelorMittal was attractive enough and far from being hostile.

Hollows, however, indicated that she is bent to explore on other bids that may be ahead for Macarthur as she pointed out that the standing offer "concerns the strategic value of Macarthur and is in that context welcome."

Analysts said that at this time, Macarthur can truly afford to wait out for the best bid to come by as coking coal is proving a sought after material in light of the accelerated industrialization programs of developing nations led by China, presently the biggest consumer of commodities being shipped out from Australia.

Hollows echoed such prevailing sentiment when she declared "if there is a change of control in the current market we believe an open bidding process will achieve the best outcome for Macarthur's shareholders," as reported by The Australian.

The Macarthur CEO described the $15.50 per share bid by Peabody and ArcelorMittal as both 'positive and professional' yet at this stage, recommending the proposal to Macarthur's investors is still not in the horizon, Hollows said.

Macarthur's suitors have upgraded the their bid on Monday by assuring the miner's shareholders that approving the proposal would mean getting final dividends of 16 cents per share for the current fiscal year to end of June.

Nonetheless, Hollows reminded Macarthur's shareholders that the perks offered by Peabody and ArcelorMittal is attached with conditions that require the coking coal miner to strictly negotiate with them and rule the possibility of rival bids.

That alone, Hollows said, convinced her to advise company shareholders to hold off any positive actions with regards to the Peabody and ArcelorMittal bid.

While Macarthur has admitted that the planned minerals resource rent tax and carbon tax, plus the Queensland floods earlier this year have impacted company shares, Hollows maintained that she has been in talks with other parties when Peabody and ArcelorMittal entered the picture.