BAFFINLAND IRON MINES $1.51 (Toronto symbol BIM; TSINetwork Rating: Start-up) (416-364-8820; www.baffinland.com; Shares outstanding: 343.1 million; Market cap: $518.1 million; No dividends paid) is now the subject of a joint takeover bid. Luxembourg-based ArcelorMittal, the world’s largest steelmaker, and rival bidder Nunavut Iron Ore Acquisition have teamed up to make this new bid.
The new offer is for $1.50 a share for all of Baffinland’s shares. If the bid is successful, Arcelor will own 70% of Baffinland, and Nunavut will own 30%.
Baffinland is now trading at $1.51 a share, or slightly above the new bid. This indicates that investors are still hoping for an even higher price, perhaps from another global steel company or a Chinese state-owned resource firm.
We’ll continue to say more about Baffinland as the situation develops. For now, the stock is a hold. hold…
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Changes to this Policy
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