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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.