ArcelorMittal extends Baffinland takeover bid

TORONTO (BestGrowthStock) – ArcelorMittal (ISPA.AS: ), the world’s largest steel producer, late on Wednesday said it extended the deadline on its takeover bid for Baffinland Iron Mines (BIM.TO: ), but did not alter the terms of its offer.

“ArcelorMittal today announced that it has extended the time for acceptance of its offer to purchase all of Baffinland Iron Mines Corporation’s outstanding common shares at a price of C$1.25 in cash per common share,” the company said in a press release posted to its website.

The announcement came after private equity-backed rival Nunavut Iron Ore sweetened its hostile bid for control of Baffinland, extending a battle with the steel giant ArcelorMittal for a vast iron ore deposit in the Canadian Arctic.

(Reporting by Pav Jordan in Toronto; editing by Jeffrey Hodgson)

ArcelorMittal extends Baffinland takeover bid