ArcelorMittal and Nunavut Waive Minimum Tender Condition

- January 25th, 2011

Baffinland Iron Mines (TSE:BIM) announced that it has received notice from ArcelorMittal (NYSE:MT) and Nunavut Iron Ore, that they have waived mininmum tender conditions.

Baffinland Iron Mines (TSX:BIM) announced that it has received notice from ArcelorMittal (NYSE:MT) and Nunavut Iron Ore, that they have waived minimum tender conditions.

The press release is quoted as saying:

Baffinland Iron Mines Corporation announced today that it has received notice by way of press release that ArcelorMittal and Nunavut Iron Ore Acquisition Inc. have waived the minimum tender condition under their joint offer to purchase all of the outstanding Common Shares of the Company for $1.50 in cash per share and all 2007 Warrants of the Company for $0.10 in cash per warrant. The Offerors have taken-up 189,501,398 Common Shares and 2,701,406 2007 Warrants under the Offer, being all the Common Shares and 2007 Warrants tendered as at 11:59 p.m. (Toronto time) on 24 January 2011.

To access the full release, click here.

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