BAFFINLAND IRON MINES $0.99 (Toronto symbol BIM; SI Rating: Start-up) (416-364-8820; www.baffinland.com; Shares outstanding: 342.9 million; Market cap: $339.5 million; No dividends paid) is the subject of a hostile, $274.3-million takeover offer from Nunavut Iron Ore Acquisition Inc., which is wholly owned by privately held Iron Ore Holdings, LP.
Nunavut is offering $0.80 in cash for each share of Baffinland. The company currently owns about 6% of Baffinland. Other shareholders who hold a combined 9.3% stake in Baffinland have also agreed to tender their shares to the offer.
Baffinland is now trading at $0.99, or 23.8% above Nunavut’s bid. This indicates that investors expect a much higher bid from Nunavut or another buyer.
Japan’s Mitsubishi Corp., which already owns just under 5% of Baffinland, could be a potential buyer. As well, steel companies that have already agreed to buy Baffinland’s iron ore could launch their own bids. These firms include German steelmaker ThyssenKrupp and Luxembourg-based ArcelorMittal.
Baffinland is now a hold. hold…
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