The Board of Directors for Baffinland Iron Mines Corporation BIM:CA has recommended that the company’s securityholders accept the joint offer to acquire Baffinland Iron for $590 million made by Nunavut Iron Ore Acquisition Inc and ArcelorMittal. The joint offer is to aquire all outstanding common shares of Baffinland Iron for $1.50 per common share and 2007 common share purchase warrants for $0.10. The joint offer represents a 36% premium on ArcelorMittal’s original offer of $1.10 for all common shares and an 80% premium on the original Nunavut offer of $0.80 per share.
Baffinland Iron is a publicly-traded junior mining company that is focused on its wholly-owned Mary River iron ore deposits located on Baffin Island, Nunavut Territory, Canada.
View Company Profile
Phoenix Advisory Partners
by Ted Niles