Reuters reported Northern Iron Ltd (ASX:NFE) received a $550 million takeover offer from Prominvest AG, just topping an earlier bid from Aditya Birla Group (BOM:500057).

As quoted in the market news:

The two bidders are eying Northern Iron’s high quality iron ore mine in Norway, at a time when benchmark iron ore prices are falling, hitting their lowest level in more than two-and-a-half years on Friday.

Northern Iron said the new offer from Prominvest, pegged at a cash price of A$1.42 a share, was both indicative and highly conditional.

Click here to read the full Reuters report.