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    iron investing

    Aditya Birla Makes Second Offer For Northern Iron

    Investing News Network
    Jul. 24, 2012 05:08PM PST
    Base Metals Investing

    Mining Weekly reported Northern Iron (ASX:NFE) is undergoing a strategic review following a second offer from Aditya Birla Group.

    Mining Weekly reported Northern Iron (ASX:NFE) is undergoing a strategic review following a second offer from Aditya Birla Group.

    As quoted in the market news:

    In May, the board of Northern Iron rejected a cash offer, ranging between A$1.28 and A$1.35 a share, but allowed the Indian firm access to certain information to allow for a higher indicative nonbinding proposal.

    Aditya Birla has now increased its indicative offer to A$1.40 a share, implying a value of A$518-million to Northern Iron, with net debt assumed at $90-million.

    Click here to read the full Mining Weekly report.

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